Minutes of the Board of Regents of Stephen F. Austin State University. 1990, Volume No. 99

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Stephen F. Austin
State University
Minutes of the
Board of Regents
Nacogdoches, Texas
April 24,1990
Volume 99
INDEX
MINUTES OF THE MEETING
BOARD OF REGENTS
STEPHEN F. AUSTIN STATE UNIVERSITY
HELD AT NACOGDOCHES, TEXAS
April 24, 1990
Page
90-57 Approval to Appoint Ad Hoc Committee to
Review Rules and Regulations of Board of
Regents 1
90-58 Election of Board Officers 1
90-59 Approval of Amendment to Rules and Regulations
of Board of Regents 1
90-60 Approval of Resolution for Dr. William R. Johnson 1
90-61 Approval of Resolution for Mrs. William R. Johnson 1
90-62 Approval of Minutes of January 23,1990 Meeting 1
90-63 Approval of Minutes of February 18,1990 Meeting 1
90-64 Approval of Minutes of March 26,1990 Meeting 1
90-65 Appointments for 89-90 2
90-66 Appointments for 90-91 8
90-67 Changes of Status 9
90-68 Leaves of Absence 10
90-69 Faculty Development Leaves 10
90-70 Academic Tenure Awards 10
90-71 Academic Promotions 10
90-72 Retirements 11
90-73 Regents Professorship Awards 12
90-74 Approval of Faculty Staff Appointments
for 1990-91 as submitted in Supplement
to Board 12
90-75 Approval of Faculty Workload Report 12
Page
90-76 Approval of Regent Bryce to Award
Degrees at Coffield Commencement 12
90-77 Approval of Master of Social Work and
Authorization for Submission to Texas
Higher Education Coordinating Board 12
90-78 Approval of Bachelor of Science in Home
Economics with Major in Hospitality
Administration and Authorization for
Submission to Texas Higher Education
Coordinating Board 12
90-79 Approval to Designate Agricultural
Education to Agricultural Development for
submission ot Texas Higher Education
Coorinating Board 12
90-80 Approval of Budget Transfer 12
90-81 Approval of Summer 1990 Budget 13
90-82 Approval of FY1991 Annual Operating Budget 13
90-83 Acceptance of Financial Certification 13
90-84 Authorization to Add Budget Accounts Manager
to List of Personnel Authorized to Sign
Vouchers and Checks -. 13
90-85 Approval of Bond Issue and Bond Resolution 13
90-86 Authorization to employ C.P.A. Consultant
for Defeasance Study for 1968 Student Fee
Revenue Bonds 13
90-87 Approval of Contract for Boynton Building
Renovation 13
90-88 Approval of Contract for Boynton Building
Asbestos Removal 13
90-89 Approval of Boynton Building Budget 14
90-90 Approval of Contracts for Installation of
Synthetic Turf at Homer Bryce Stadium 14
90-91 Approval of Budget for Installation of
Synthetic Turf at Homer Bryce Stadium 14
90-92 Authorization to Issue Purchase Orders
for Movable Equipment for Steen Library 14
Page
90-93 Approval of Easement Agreements with City
of Nacogdoches 14
90-94 Authorization to Employ Architectural
Firm for Old Stone Fort Building
Renovation 14
Resolution Honoring Dr. William R. Johnson 15
Resolution Honoring Mrs. William R. Johnson 16
Boynton Building Renovation Contract 53
Bond Sale Resolution 17
Contracts for Installation of Artificial Turf
at Homer Bryce Stadium 59
Easement Agreements with City of Nacogdoches 100
MINUTES OF THE MEETING
BOARD OF REGENTS
STEPHEN F. AUSTIN STATE UNIVERSITY
HELD AT NACOGDOCHES, TEXAS
April 24, 1990
The meeting was called to order by Mrs. Peggy Wedgeworth Wright, Chairman of
the Board of Regents at 9:00 a.m., April 24, 1990.
REGENTS
PRESENT:
STAFF
PRESENT:
VISITORS
Senator Roy M. Blake of Nacogdoches
Mr. Homer Bryce of Henderson
Mr. Larry J. Christopher of Crockett
Mr. Dan Haynes of Bullard
Mr. Richard Hile of Jasper
Mr. Kelly Jones of Arlington
Mr. Wayne Salvant of Fort Worth
Mr. James M. Windham, Jr. of Houston
Mrs. Peggy Wedgeworth Wright of Nacogdoches
Dr. William R. Johnson, President
Mrs. Marilyn W. Abegg, Assistant to the Vice
President for University Advancement
Mr. Don L. Henry, Vice President for Administrative and
Fiscal Affairs
Dr. Baker Pattillo, Vice President for University Affairs
Dr. Robert J. Provan, General Counsel
Dr. James V. Reese, Vice President for Academic Affairs
Dr. Nancy Speck, Vice President for University Advancement
Ms. Lucy Stringer, Assistant to the President and Editor of
University Publications
Mr. Danny Bledsoe, The Daily Sentinel
Ms. Jennifer Brooks, President, Student Government
Association
Dr. Jerry N. Lackey, Chairman, Faculty Senate
Mr. Lou Lopez, KTRE TV
Ms. Donna McCollum, KTRE TV
Ms. Jacqui Sundeen, Editor, Pine Log
90-57
Upon motion of Regent Christopher, seconded by Regent Windham, with all
members voting aye, it was ordered that an ad hoc committee be appointed, with
Robert J. Provan, University Legal Counsel, as advisor, to review the rules and
regulations of the Board of Regents and report findings to the Board at its October,
1990, meeting.
90-58
Upon motion of Regent Salvant, seconded by Regent Blake, with all members
voting aye, it was ordered that Regent Wright be elected Chairman and Regent
Jones be elected Vice Chairman of the Board of Regents for Stephen F. Austin
State University, and that Mr. Don L. Henry be elected secretary to the Board.
90-59
Upon motion of Regent Blake, seconded by Regent Hile, with five members voting
aye and two members voting nay, it was ordered that Item No. 4, Paragraph 2
(page 2) of the Rules and Regulations of the Board of Regents be amended as
follows:
No member shall serve more than one term as Chairman unless the members
shall elect such member for another term by two-thirds vote of its
membership.
90-60
Upon motion of Regent Haynes, seconded by Regent Bryce, it was ordered that the
resolution honoring Dr. William R. Johnson for his years of service as University
President be approved. (See page 15)
90-61
Upon motion of Regent Haynes, seconded by Regent Bryce, it was ordered that the
resolution honoring Mrs. William R. Johnson, for her years of service as the
University's First Lady be approved. (See page 16)
90-62
Upon motion of Regent Hile, seconded by Regent Blake, with all members voting
aye, it was ordered that the minutes of the meeting of the Board of Regents on
January 23,1990, be approved.
90-63
Upon motion of Regent Hile, seconded by Regent Blake, with all members voting
aye, it was ordered that the minutes of the meeting of the Board of Regents on
February 18,1990, be approved.
90-64
Upon motion of Regent Hile, seconded by Regent Blake, with all members voting
aye, it was ordered that the minutes of the meeting of March 26,1990, be corrected
to show that Regent Windham was present and that Regent Salvant was absent.
90-65
Upon motion of Regent Hile, seconded by Regent Christopher, with all members
voting aye, it was ordered that the following appointments for 1989-90 be approved:
1. Administrative Services
Ms. Vicki A. David, Part-time Instructor, at a salary of $1,500 for 25% time
for the spring semester, 1990.
Ms. Nancy Engman, Part-time Instructor, at a salary of $3,000 for 50% time
for the spring semester, 1990.
Mr. Dan Giles, Part-time Instructor, at a salary of $3,000 for 50% time for
the spring semester, 1990.
Ms. Carolyn M. Price, Part-time Assistant Professor, at a salary of $3,659 for
25% time for the spring semester, 1990.
2. Admissions
Ms. Annette Merie Hardin, Admissions Counselor, 33, B.A. (Texas Southern
University), at a salary of $21,000 for twelve months, effective February 26,
1990.
3. Agriculture
Dr. Fred G. Hooper, Part-time Instructor, at a salary of $1,000 for 25% time
for two and one-half months, effective March 15, 1990.
Dr. David H. Miller, Part-time Instructor, at a salary of $1,000 for 25% time
for two and one-half months, effective March 15,1990.
Dr. Mike Ward, Part-time Instructor, at a salary of $1,000 for 25% time for
two and one-half months, effective March 15,1990.
4. Biology
Mr. Kevin B. Frizzell, Graduate Teaching Intern, 27, M.S. (Stephen F. Austin
State University), at a salary of $6,500 for 100% time for the spring semester,
1990.
5. Chemistry
Dr. Donald R. Fulsom, Part-time Instructor, at a salary of $12,500 for 100%
time for the spring semester, 1990.
6. Communication
Ms. Jennie C. Casey, Part-time Lecturer, at a salary of $4,000 for 50% time
for the spring semester, 1990.
Mr. Kenneth Kennamer, Part-time Instructor, at a salary of $1,830 for 25%
time for the spring semester, 1990.
7. Counseling and Special Educational Programs
Ms. Karen L. Craig, Part-time Lecturer, 33, M.Ed. (Stephen F. Austin State
University), at a salary of $1,500 for 25% time for the spring semester, 1990.
Mr. Neill S. Hays, Part-time Assistant Professor, at a salary of $3,294 for 25%
time for the spring semester, 1990.
Dr. Newell G. Holland, Part-time Lecturer, at a salary of $2,000 for 25%
time for the spring semester, 1990.
Ms. Loree J. Krenzke, Part-time Lecturer, at a salary of $1,500 for 25% time
for the spring semester, 1990.
Dr. Jack L. Nelson, Part-time Lecturer, 46, Ed.D. (East Texas State
University), at a salary of $1,000 for 25% time for the spring semester, 1990.
8. Criminal Justice
Mr. John D. Norton, Part-time Instructor, at a salary of $1,750 for 25% time
for the spring semester, 1990.
9. Early Childhood Laboratory
Ms. Sara Somes, Lead Toddler Teacher, at a salary of $17, 000 for twelve
months, effective February 1,1990.
10. Economics and Finance
Mr. Ndson Warren Miller, Jr., Part-time Instructor, at a salary of $1,500 for
25% time for the spring semester, 1990.
11. Elementary Education
Dr. Mary Appleberry, Part-time Professor, at a salary of $2,000 for 50% time
for the spring semester, 1990.
Mr. Neill S. Hays, Part-time Assistant Professor, at a salary of $1,000 for 25%
time for the spring semester, 1990.
Ms. Marian W. Sawyer, Part-time Instructor, 37, M.A. (University of
Wisconsin-Madison), at a salary of $1,500 for 25% time for the spring
semester, 1990.
12. English and Philosophy
Mr. Cydney Adams, Part-time Instructor, at a salary of $3,500 for 50% time
for the spring semester, 1990.
Ms. Sylvia Bierschenk, Part-time Instructor, at a salary of $3,500 for 50%
time for the spring semester, 1990.
Dr. Royce Burton, Part-time Instructor, at a salary of $4,000 for 50% time for
the spring semester, 1990.
Ms. Deborah E. Bush, Part-time Lecturer, at a salary of $1,243 for 25% time
tor three and one-half months, effective February 16, 1990.
Ms. Vickey DeMars Daley, Part-time Instructor, at a salary of $3,500 for 50%
time for the spring semester, 1990.
Ms. Mary Devine, Part-time Instructor, at a salary of $3,500 for 50% time for
the spring semester, 1990.
Mr. George M. Dodson, Part-time Instructor, at a salary of $1,750 for 25%
time for the spring semester, 1990.
Mr. Boyd Douglas Dollar, Part-time Instructor, at a salary of $3,500 for 50%
time for the spring semester, 1990.
Ms. Anne Martin Duncan, Part-time Instructor, at a salary of $3,500 for 50%
time for the spring semester, 1990.
Ms. Betty Haley, Part-time Instructor, at a salary of $4,743 for 75% time for
the spring semester, 1990.
Dr. Constance Hall, Part-time Instructor, at a salary of $3,500 for 50% time
for the spring semester, 1990.
Ms. Sue Parsons, Part-time Instructor, at a salary of $3,500 for 50% time for
the spring semester, 1990.
Ms. Mary E. Pierce-Daniel, Part-time Instructor, at a salary of $1,750 for
25% time for the spring semester, 1990.
Mr. Robert Richey, Part-time Instructor, at a salary of $3,500 for 50% time
for the spring semester, 1990.
Ms. Lynda K. Russell, Part-time Instructor, at a salary of $3,500 for 50% time
for the spring semester, 1990.
Ms. Nancy Shaffer, Part-time Instructor, at a salary of $3,500 for 50% time
for the spring semester, 1990.
Ms. Leann West, Part-time Instructor, at a salary of $1,750 for 25% time for
the spring semester, 1990.
13. Forestry
Dr. Kamis Awang, Visiting Hunt Professor, 51, Ph.D. (Australian National
University), at a salary of $8,000 for two and one-half months, effective
March 15, 1990.
14. History
Ms. Hazel S. Abemethy, Part-time Instructor, at a salary of $3,600 for 50%
time for the spring semester, 1990.
Mr. Charles G. Davis, Part-time Instructor, at a salary of $5,400 for 75% time
for the spring semester, 1990.
Dr. James M. McReynolds, Part-time Instructor, at a salary of $2,000 for
25% time for the spring semester, 1990.
Mr. Ronald L. Spiller, Part-time Instructor, at a salary of $1,800 for 25% time
for the spring semester, 1990.
15. Home Economics
Ms. Susan Martin Hughes, Lecturer, 26, M.S. (Texas Woman's University), at
a salary of $9,000 for 100% time for the spring semester, 1990.
16. Kinesiology and Health Science
Mr. Wayne J. Jacobs, Lecturer, at a salary of $6,000 for 100% time for the
spring semester, 1990.
Mr. E. K. Sowell, Part-time Instructor, at a salary of $2,600 for 50% time for
the spring semester, 1990.
17. Management and Marketing
Dr. Richard W. Ballenger, Part-time Instructor, at a salary of $3,500 for 50%
time for the spring semester, 1990.
Ms. Gina G. Henry, Part-time Instructor, 32, MIM (American Graduate
School of International Management), at a salary of $3,000 for 50% time for
the spring semester, 1990.
Mr. William G. Krause, Part-time Instructor, 58, MBA (Stephen F. Austin
State University), at a salary of $3,000 for 50% time for the spring semester,
1990.
18. Mathematics and Statistics
Dr. Robert R. Fleet, Lecturer, at a salary of $8,000 for 100% time for the
spring semester, 1990.
Ms. Linda S. Franklin, Part-time Lecturer, at a salary of $1,750 for 25% time
for the spring semester, 1990.
Mr. Joseph W. Gaut, Lecturer, at a salary of $7,400 for 100% time for the
spring semester, 1990.
Mr. Hossein M. Hosseinpour, Lecturer, at a salary of $7,400 for 100% time
for the spring semester, 1990.
Mr. Paul E. Lewis, Lecturer, at a salary of $7,400 for 100% time for the
spring semester, 1990.
Ms. Vicky Lymbery, Part-time Lecturer, at a salary of $4,150 for 50% time
for the spring semester, 1990.
Mr. Ronald L. Spence, Lecturer, 43, M.S. (Stephen F. Austin State
University), at a salary of $7,400 for 100% time for the spring semester, 1990.
Mr. Benjamin J. Sultenfuss, Lecturer, 47, M.S. (Stephen F. Austin State
University), at a salary of $7,400 for 100% time for the spring semester, 1990.
Ms. Jacquelyne K. Wing, Part-time Lecturer, at a salary of $5,550 for 75%
time for the spring semester, 1990.
19. Modern Languages
Dr. Robert Norris, Part-time Instructor, at a salary of $3,330 for 50% time
for the spring semester, 1990.
20. Music
Ms. Diana G. Allan, Lecturer Intern, at a salary of $1,750 for 25% time for
the spring semester, 1990.
Mr. Dennis P. Bell, Part-time Instructor, at a salary of $2,290 for 25% time
for the spring semester, 1990.
Ms. Ann M. McCutchan, Part-time Instructor, at a salary of $4,500 for 50%
time for the spring semester, 1990.
Ms. Linda Parr, Part-time Instructor, at a salary of $1,000 for 17% time for
the spring semester, 1990.
21. Political Science and Geography
Dr. Harry V. Hoechten, Part-time Lecturer, at a salary of $6,240 for 75%
time for the spring semester, 1990.
Ms. Carolyn C. LaRue, Part-time Lecturer, at a salary of $1,105 for 25% time
for the spring semester, 1990.
Ms. Robin Moore, Part-time Lecturer, at a salary of $1,725 for 25% time for
the spring semester, 1990.
22. Psychology
Mr. Richard P. Mendola, Part-time Instructor, at a salary of $1,800 for 25%
time for the spring semester, 1990.
Ms. Michelle A. Miller, Part-time Instructor, 36, M.A. (Stephen F. Austin
State University), at a salary of $1,575 for 25% time for the spring semester,
Ms. Donna G. Teafatiller, Part-time Instructor, at a salary of $1,800 for 25%
time for the spring semester, 1990.
23. Secondary Education
Mr. Darryl L. Morris, Part-time Lecturer, at a salary of $2,000 for 25% time
for the spring semester, 1990.
Mr. Malcolm N. Rector, Part-time Instructor, at a salary of $4,000 for 50%
time for the spring semester, 1990.
Mr. Clois L. Walker, Part-time Instructor, 66, M.Ed. (Stephen F. Austin State
University), at a salary of $2,000 for 50% time for the spring semester, 1990.
24. Social Work
Ms. Kathleen Belanger, Part-time Instructor, at a salary of $1,750 for 25%
time for the spring semester, 1990.
Ms. Gwendolyn K. Cunningham, Part-time Instructor, 38, M.S.S.W.
(University of Texas-Austin), at a salary of $3,500 for 50% time for the spring
semester, 1990.
Mr. Daryl G. Dulany, Part-time Instructor, 36, M.S.W. (Our Lady of the Lake
University), at a salary of $1,500 for 25% time for the spring semester, 1990.
Ms. Nancy Fagan Lamar, Part-time Instructor, at a salary of $1,500 for 25%
time for the spring semester, 1990.
Mr. Roger B. McNellie, Part-time Instructor, at a salary of $1,750 for 25%
time for the spring semester, 1990.
Mr. Arlyn D. Vierkant, Part-time Instructor, at a salary of $3,500 for 50%
time for the spring semester, 1990.
25. Theatre
Ms. Gem Elizabeth Holt, Part-time Instructor, at a salary of $1,500 for 25%
time for four months, effective February 1,1990.
26. Applied Studies
The following faculty are teaching for the spring semester, 1990, at the
location, and for the salary indicated.
Mr. James Bowman Coffield and
Michael Units $2,216
Dr. Royce Burton Michael Unit 2,841
Mr. Thomas L. Dunn Coffield Unit 4,216
Dr. Ralph Eddins Fairfield 1,488
Dr. William Heeney Jasper 1,446
Dr. Harold G. Hill Humble 1,540
Dr. Harry Hoechten Michael Unit 2,921
Dr. Jerry L. Irons Longview and
Coordinator (all off-campus
programs) 1,936
Dr. Gerald Lowry Michael Unit 1,500
Dr. Patrick Mueller
Dr. Bennat C. Mullen
Dr. Milton Payne
Dr. Hugh D. Prewitt
Mr. Jesse Richardson
Dr. Jose Rodriguez
Dr. Leah Smith
Dr. Donnya Stephens
Dr. John Thornton
Mr. Arlyn Vierkant
Dr. William Weber
Mr. Jim Wofford
27. University Affairs
Mr. Denzil Cox, Assistant Football Coach and Instructor of Physical
Education, at a salary of $35,000 for ten and one-half months, effective
February 26,1990.
Mr. Ned Fowler, Head Basketball Coach, at a salary of $52,000 for twelve
months, effective March 8,1990.
90-66
Upon motion of Regent Blake, seconded by Regent Jones, with all members voting
aye, it was ordered that the following appointments for 1990-91 be approved:
1. Biology
Dr. Thomas G. Benoit, Assistant Professor, 35, Ph.D. (Texas Tech
University), at a salary of $31,000 for 100% time for nine months, effective
fall semester, 1990.
2. Management and Marketing
Dr. Donald Ray Curtis, Assistant Professor, 55, Ph.D. (University of Utah),
at a salary of $40,000 for 100% time for nine months, effective fall semester,
1990.
3. Political Science and Geography
Dr. Frank Codispoti, Assistant Professor, 42, Ph.D. (Michigan State
University), at a salary of $27,000 for 100% time for nine months, effective
fall semester, 1990.
4. Theatre
Ms. Ernetta L. Fox, Assistant Professor and Costume Designer, 44, M.F.A.
(University of South Dakota), at a salary of $27,000 for 100% time for nine
months, effective fall semester, 1990.
90-67
Upon motion of Regent Windham, seconded by Regent Hile, with all members
voting aye, it was ordered that the following changes of status be approved:
1. Communication
Mr. Donald L. Graham, Assistant Professor, an additional $1,750 to teach an
overload during the spring semester, 1990.
Mr. Miles L. McCall, Lecturer, an additional $1,750 to teach an overload
during the spring semester, 1990.
2. Counseling and Special Educational Programs
Ms. Debra W. Bankston, Instructor, an additional $1,000 to teach an
overload during the spring semester, 1990.
Ms. Marietta L. Yeates, Instructor, an additional $1,000 to teach an overload
during the spring semester, 1990.
3. Physics and Astronomy
Mr. Terry M. Carlton, Lecturer, from a salary of $6,705 for 50% time to a
salary of $13,410 for 100% time for the spring semester, 1990.
4. Political Science and Geography
Ms. Mary L. Cams, Assistant Professor, an additional $1,000 to teach an
overload during the spring semester, 1990.
Dr. David Cox, Associate Professor, an additional $670 to teach an overload
during the spring semester, 1990.
Dr. Joseph E. Fults, Lecturer, an additional $2,880 to teach two overload
classes during the spring semester, 1990.
Dr. Wayne E. Johnson, Professor, an additional $670 to teach an overload
during the spring semester, 1990.
5. Secondary Education
Dr. Buster Duke Brannen, Professor, an additional $1,000 to teach an
overload during the spring semester, 1990.
Dr. Charlene S. Crocker, Associate Professor, an additional $1,000 to teach
an overload during the spring semester, 1990.
Dr. Sherry L. Rulfs, Assistant Professor, an additional $1,000 to teach an
overload during the spring semester, 1990.
Ms. Paulette Darcy Wright, Lecturer, an additional $1,500 to teach an
overload during the spring semester, 1990.
10
6. Theatre
Mr. Thomas M. Matthys, Assistant Professor, an additional $1,500 to teach
an overload during the spring semester, 1990.
7. University Affairs
Ms. Julie Thompson from Campus Assistance Program Counselor to Campus
Assistance Program Director, effective March 5,1990.
90-68
Upon motion of Regent Blake, seconded by Regent Christopher, with all members
voting aye, it was ordered that the following leaves of absence be granted:
1. Political Science and Geography
Dr. Stephen N. Smith, Associate Professor, medical leave for the remainder
of spring semester, effective February 23, 1990.
2. Nursing
Ms. Debra Mahoney, Instructor, leave of absence to complete terminal
degree, effective fall semester, 1990.
90-69
Upon motion of Regent Salvant, seconded by Regent Bryce, with all members
voting aye, it was ordered that the faculty members listed below be awarded Faculty
Development Leaves for the spring semester, 1990, at full pay.
Dr. James Corbin, Sociology
Dr. Sylvia McGrath, History
90-70
Upon motion of Regent Haynes, seconded by Regent Windham, with all members
voting aye, it was ordered that academic Tenure be awarded to the following
individuals, effective September 1,1990.
Mr. Richard A. Berry, Music
Dr. Garland Demarcus Simmons, Economics and Finance
90-71
Upon motion of Regent Bryce, seconded by Regent Windham, with all members
voting aye, it was ordered that the following individuals be granted promotion to the
academic rank indicated, effective fall semester, 1990.
To Professor Emeritus:
Dr. Mary Appleberry, Elementary Education
Dr. Sue Butts, Home Economics
Dr. Bill Hamrick, Counseling and Special Educational Programs
Dr. Carl Kight, Kinesiology and Health Science
11
Dr. Elnita Stanley, Counseling and Special Educational Programs
To Professor:
Dr. Sandra Cole, Kinesiology and Health Science
Dr. Marvin Carey Crocker, Jr.5 Geology
Dr. Betty Johnson, Administrative Services
Dr. David Kulhavy, Forestry
Dr. Jerry Lackey, Psychology
Dr. Janice Pattillo, Elementary Education
Dr. Allen Richman, History
Dr. Jose Rodriguez, Secondary Education
To Associate Professor Emeritus:
Dr. Virginia J. Mathews, Kinesiology and Health Science
To Associate Professor:
Mr. Rufus Jefferson Banks, English and Philosophy
Dr. Richard Berry, Music
Ms. Mary Cams, Political Science and Geography
Mr. Ben Hobbs, Communication
Mr. Darrell Holt, Music
Dr. Patrick A. Mueller, Criminal Justice
Dr. Pamela D. Roberson, Mathematics
Dr. Richard Shigley, Criminal Justice
Dr. Elizabeth Vaughan, Elementary Education
Dr. Linda White, English and Philosophy
To Assistant Professor:
Dr. Tom Flemings Kinesiology and Health Science
Dr. Sandra McCune, Secondary Education
90-72
Upon motion of Regent Hile, seconded by Regent Christopher, with all members
voting aye, it was ordered that the following retirements be accepted.
1. Biology
Dr. Russell C. Faulkner, Professor, effective May 31,1990.
2. English and Philosophy
Mr. Rufus Jefferson Banks, Assistant Professor, effective May 31,1990.
3. Modern Languages
Dr. Vivian Mercer Gruber, Professor, effective May 31, 1990.
4. Political Science and Geography
Dr. Gerald Loyd Collier, Professor, effective May 31,1990.
12
90-73
Upon motion of Regent Blake, seconded by Regent Jones, with all members voting
aye, it was ordered that the following be awarded Regents Professorships for the
academic year 1990-91.
Dr. Francis E. Abernethy, Professor, English and Philosophy
Dr. Thomas J. Stanly, Professor, Agriculture
90-74
Upon motion of Regent Salvant, seconded by Regent Bryce, with all members
voting aye, it was ordered that the faculty and staff appointments for 1990-91, as
submitted with the Board agenda in the Supplement to the Board be approved.
90-75
Upon motion of Regent Hile, seconded by Regent Christopher, with all members
voting aye, it was ordered that the faculty workload report for the spring semester,
1990, be approved as submitted.
90-76
Upon motion of Regent Windham, seconded by Regent Jones, with all members
voting aye, it was ordered that Regent Homer Bryce be authorized to award
academic degrees at Coffield commencement on May 10,1990.
90-77
Upon motion of Regent Blake, seconded by Regent Hile, with all members voting
aye, it was ordered that the proposal for a Master of Social Work be approved and
that it be submitted to the Texas Higher Education Coordinating Board for its
consideration.
90-78
Upon motion of Regent Bryce, seconded by Regent Blake, with all members voting
aye, it was ordered that the Bachelor of Science in Home Economics with a major in
Hospitality Administration be approved and that it be submitted to the Texas
Higher Education Coordinating Board for its consideration.
90-79 '
Upon motion of Regent Windham, seconded by Regent Hayes, with all members
voting aye, it was ordered that the designation from Agricultural Education to
Agricultural Development be approved for submission to the Texas Higher
Education Coordinating Board for its consideration.
90-80
Upon motion of Regent Christopher, seconded by Regent Bryce, with all members
voting aye, it was ordered that a budget transfer of $10,000 from Auxiliary Surplus
to Account 6601 (Furnishings and Equipment, President's Residence) be approved.
13
90-81
Upon motion of Regent Hile, seconded by Regent Salvant, with all members voting
aye, it was ordered that the Summer Budget for 1990 totaling $2,134,292.41 be
approved.
90-82
Upon motion of Regent Haynes, seconded by Regent Christopher, with all members
voting aye, it was ordered that the annual operating budget for FY 1991 be
approved as presented.
90-83
Upon motion of Regent Salvant, seconded by Regent Christopher, with all members
voting aye, it was ordered that the financial certification be accepted as presented.
90-84
Upon motion of Regent Blake, seconded by Regent Bryce, with all members voting
aye, it was ordered that Mr. Robert T. Lawson, Jr., Budget Accounts Manager, be
added to the list of specified administrative personnel authorized to sign vouchers
and checks for the period April 24,1990, through August 31,1991.
90-85
Upon motion of Regent Hile, seconded by Regent Windham, with all members
voting aye, it was ordered that the Chairman of the Board be authorized to sign the
related bond issue documents as prepared by Rauscher, Pierce, Refsnes, Inc. and
the bond resolution become a part of this action. (See page 17)
90-86
Upon motion of Regent Hile, seconded by Regent Windham, with all members
voting aye, it was ordered that the Administration be authorized to employ a C.P.A.
consultant for the purpose of preparing a Defeasance Study for the 1968 Student
Fee Revenue Bonds, and should this study indicate savings in interest expense, that
bids will be secured to defease the remaining debt service requirements of this issue.
90-87
Upon motion of Regent Blake, seconded by Regent Bryce, with all members voting
aye, it was ordered that the low bid from Kingham Construction Co., Nacogdoches,
Texas, be accepted and that Alternates 1, 2 and 2 be included in the contract for a
total of $1,443,700 for the Boynton Building renovation and that the Chairman of
the Board be authorized to sign the contract. (See page 53)
90-88
Upon motion of Regent Bryce, seconded by Regent Hile, with all members voting
aye, it was ordered that the low bid from WRW Construction, Inc., Houston, Texas,
for $99,750 for the Boynton Building asbestos removal be accepted and that the
President be authorized to sign the purchase order.
14
90-89
Upon motion of Regent Hile, seconded by Regent Salvant, with all members voting
aye, it was ordered that the budget of $1,784,200 for the Boynton Building
Renovation be approved.
90-90
Upon motion of Regent Haynes, seconded by Regent Windham, with all members
voting aye, it was ordered that the bid from C.C.E., Inc., Nacogdoches, Texas, for
$635,701.58 for field preparation and the bid from All-Pro, Inc., Rome, Georgia, for
$506,511.50 (for a combined construction cost of $1,142,213.08) for synthetic turf
installation at Homer Bryce Stadium be accepted and that the Chairman of the
Board be authorized to sign the contracts. (See page 59)
90-91
Upon motion of Regent Christopher, seconded by Regent Haynes, with all members
voting aye, it was ordered that the budget of $1,219,413,08 for the installation of an
artificial surface at Homer Bryce Stadium be approved.
90-92
Upon motion of Regent Windham, seconded by Regent Haynes, with all members
voting aye, it was ordered that awards be made to the low bidders for movable
equipment for the Steen Library renovation and expansion as follows, and that the
President be authorized to sign the purchase orders.
Technical Furnishings Buckstaff Corporation $ 766,661.90
Dallas, Texas
Steel Bookstacks Library Bureau $ 354,794.66
Herkimer, New York
Office & Miscellaneous Hoover Brothers $ 90,921.20
Furniture Huntsville, Texas
Total Award $1,212,377.76
90-93
Upon motion of Regent Christopher, seconded by Regent Windham, with all
members voting aye, it was ordered that the proposed easement agreements with
the City of Nacogdoches be approved and the Chairman of the Board be authorized
to sign the agreement as presented. (See page 100)
90-94
Upon motion of Regent Bryce, seconded by Regent Hile, with all members voting
aye, it was ordered that the Administration be authorized to employ the firm of
Marsellos and Scott to prepare plans and specifications for a renovation of the Old
Stone Fort building and to secure bids for consideration at the July, 1990, Board
meeting.
BOARD OF REGENTS
OF
STEPHEN F. AUSTIN STATE UNIVERSITY 15
Nacogdoches, Texas
April 24, 1990
PRESIDENT WILLIAM R. JOHNSON
Resolution of Appreciation
WHEREAS, on July 1,1976, Dr. William R. Johnson became the fourth president in the history of
Stephen F. Austin State University, assuming the position after serving with distinction as a professor of American
history at Austin Pcay State College, the University of South Dakota, and Texas Tech University, and Vice President
of Academic Affairs and Dean of Faculties at Texas Tech University and as an American Council on Education Fellow
at the University of North Carolina;
WHEREAS, he brought to his new position at SFASU an enviable understanding of higher education
in Texas and, indeed, nationally; a dedication to high academic standards and excellence in all other ways; and, a quiet
sense of humor in dealing with the multiple publics of a university;
WHEREAS, President Johnson set about with vigor and vision to consolidate and enhance the rapid
gains SFASU had made in the 1960s and early 1970s as it emerged from a college into a university;
WHEREAS, as part of his consolidation and enhancement effort, he provided leadership which
resulted in the addition of an academic school devoted to communication and social services and baccalaureate and
master's degree programs in several fields, the securing of accreditations in most of the University's disciplines where
such accreditation is available, the purchase of a second university farm for expanded educational programs in
agriculture, and the securing of the site and erection of facilities for the Tcmplc-Eastcx Forestry Laboratory, the
construction of on-campus academic buildings for agriculture, art, liberal arts, mathematics, nursing, and a planetarium,
expanded and renovated other classroom and laboratory buildings including a major addition to the University library,
and an intensification of campus bcautification programs;
WHEREAS, further, President Johnson challenged the SFASU Alumni Association to multi-million-dollar
fund-raising efforts to provide additional academic scholarships, established a division of university advancement,
now headed by a vice president, to raise funds for academic enrichment through the SFASU Foundation including the
establishment of the institution's first two endowed professorships;
WHEREAS, through his efforts the University extended its outreach beyond the nation through
exchange programs with sister institutions in Korea, Malaysia and the People's Republic of China;
WHEREAS, in addition to providing inspiicd leadership for academic advancement, he expanded
student activities and the facilities accommodating them, involved the student government and oilier student organiza
tions in University decision-making and upgraded intercollegiate and intramural athletic programs so that champion
ships and national attention accrued to the University;
WHEREAS, to provide for the orderly operation of the University, President Johnson worked with
other administrators, faculty, staff, and regents to develop and implement policy statements and other guidelines;
WHEREAS, in all ways, he worked harmoniously with students and their parents, the faculty, the staff
the Board of Regents, the Texas Higher Education Coordinating Board, the Council of Public University Presidents and
Chancellors, the Legislature, the Governor, and all other constituents of the University, and rose to a position of
leadership in higher education in the state and nation;
AND WHEREAS, on July 15, 1990, President Johnson will retire offically from his position at
SFASU;
NOW, THEREFORE, BEIT RESOLVED by the Board ofRcgcntsofStcphcn F.Austin State
University, in meeting assembled this twenty-fourth day of April, 1990, that this resolution of appreciation to President
Johnson be adopted; that a copy of this resolution be spread upon the minutes of the Board meeting; and that a
commemorative copy be presented to President Johnson;
AND BE IT FURTHER RESOLVED that the Board extends to President Johnson its warmest
wishes for continued success.
THE BOARD OF REGENTS, STEPHEN F. AUSTIN STATE UNIVERSITY
Peggy W. Wright, Chairman Roy M. Blake
L. Kelly Jones, Vice Chairman Homer L. Bryce
Larry J. Christopher
Dan Hayncs
Richard C. Hilc
Wayne T. Salvant
James M. Windham, Jr.
Attest:
Don L. Henry, Secretary to the Board
16
BOARD OF REGENTS
OF
STEPHEN F. AUSTIN STATE UNIVERSITY
Nacogdoches, Texas
April 24, 1990
FREIDA KENNEDY JOHNSON
Resolution Of Appreciation
^
presidential fan^S
^^^^^^
THE BOARD OF REGENTS, STEPHEN F. AUSTIN STATE UNIVERSITY
Peggy W. Wright, Chairman
L. Kelly Jones, Vice Chairman
Roy M. Blake
Homer L. Brycc
Larry J. Christopher
Dan Hayncs
Richard C. Hilc
Wayne T. Salvant
James M. Windham, Jr.
Attest:
Don L. Henry, Secretary to the Board
17
CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS §
COUNTY OF NACOGDOCHES §
STEPHEN F. AUSTIN STATE UNIVERSITY §
We, the undersigned officers of the Board of Regents of said University, hereby
certify as follows:
1. The Board of Regents of said University convened in REGULAR MEETING
ON THE 24TH DAY OF APRIL, 1990, at the regular designated meeting place, and the
roll was called of the duly constituted officers and members of said Board, to-wit:
Mrs. Peggy W. Wright, Chairman Mr. Dan M. Haynes
Mr. L. Kelly Jones, Vice Chairman Mr. Richard C. Hile
Senator Roy M. Blake Mr. Wayne F. Salvant
Mr. Homer L. Bryce Mr. James M. Windham
Mr. Larry J. Christopher
Mr. Don L. Henry, Secretary
and all of said persons were present,
except the following absentees: /?£>/? A*
thus constituting a quorum. Whereupon, among other business the following was
transacted at said Meeting: a written
RESOLUTION AUTHORIZING THE ISSUANCE OF BOARD OF REGENTS OF
STEPHEN F. AUSTIN STATE UNIVERSITY COMBINE FEE REVENUE BONDS,
SERIES 1990
was duly introduced for the consideration of said Board and read in full. It was then duly
moved and seconded that said Resolution be passed; and, after due discussion, said
motion, carrying with it the passage of said Resolution, prevailed and carried by the
following vote:
AYES: All members of said Board shown present above
voted "Aye".
NOES: • None.
2. That a true, full, and correct copy of the aforesaid Resolution passed at the
Meeting described in the above and foregoing paragraph is attached to and follows this
Certificate; that said Resolution has been duly recorded in said Board's minutes of said
Meeting; that the above and foregoing paragraph is a true, full, and correct excerpt from
said Board's minutes of said Meeting pertaining to the passage of said Resolution; that the
persons named in the above and foregoing paragraph are the duly chosen, qualified, and
acting officers and members of said Board as indicated therein; that each of the officers
18
and members of said Board was duly and sufficiently notified officially and personally, in
advance, of the time, place, and purpose of the aforesaid Meeting, and that said
Resolution would be introduced and considered for passage at said Meeting, and each of
said officers and members consented, in advance, to the holding of said Meeting for such
purpose; and that said Meeting was open to the public, and public notice of the time,
place, and purpose of said Meeting was given all as required by Vernon's Ann. Civ. St.
Article 6252-17.
SIGNED AND SEALED the 24th day of April, 1990.
Sgcrfetaty
Board of Regents
(SEAL)
19
RESOLUTION
AUTHORIZING THE ISSUANCE OF
BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY
COMBINED FEE REVENUE BONDS, SERIES 1990
THE STATE OF TEXAS :
COUNTY OF NACOGDOCHES
STEPHEN F. AUSTIN STATE UNIVERSITY :
WHEREAS, the Board of Regents of Stephen F. Austin State University is
authorized to issue bonds in accordance with Chapter 55 of the Texas Education Code;
and
THEREFORE, BE IT RESOLVED BY THE BOARD OF REGENTS OF STEPHEN
F. AUSTIN STATE UNIVERSITY:
Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bond or bonds
of Stephen F. Austin State University (the "Issuer") are hereby authorized to be issued
and delivered in the aggregate principal amount of $1,200,000 for providing funds to
acquire, purchase, construct, improve, enlarge, and equip property, buildings, structures,
or other facilities for and on behalf of the Issuer, to-wit: installation of artificial turf
covering at Homer Bryce Stadium.
Section 2. DESIGNATION OF THE BONDS. Each bond issued pursuant to this
Resolution shall be designated: "BOARD OF REGENTS OF STEPHEN F. AUSTIN
STATE UNIVERSITY COMBINED FEE REVENUE BONDS, SERIES 1990", and
initially there shall be issued, sold, and delivered hereunder a single fully registered bond,
without interest coupons, payable in installments of principal (the "Initial Bond"), but the
Initial Bond may be assigned and transferred and/or converted into and exchanged for a
like aggregate principal amount of fully registered bonds, without interest coupons, having
serial maturities, and in the denomination or denominations of $5,000 or any integral
multiple of $5,000, all in the manner hereinafter provided. The term "Bonds" as used in
this Resolution shall mean and include collectively the Initial Bond and all substitute bonds
exchanged therefor, as well as all other substitute bonds and replacement bonds issued
pursuant hereto, and the term "Bond" shall mean any of the Bonds.
Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURITIES,
INITIAL REGISTERED OWNER, AND CHARACTERISTICS OF THE INITIAL
BOND, (a) The Initial Bond is hereby authorized to be issued, sold, and delivered
hereunder as a single fully registered Bond, without interest coupons, dated April 15,
1990, in the denomination and aggregate principal amount of $1,200,000, numbered R-
1, payable in annual installments of principal to the initial registered owner thereof, to-
1
20
wit: LUN&W (Lovett Underwood Neuhaus & Webb, Inc.), or to any registered assignee
or assignees of said Bond or any portion or portions thereof (in each case, the "regis
tered owner"), with the annual installments of principal of the Initial Bond to be payable
on the dates, respectively, and in the principal amounts, respectively, stated in the FORM
OF INITIAL BOND set forth in this Resolution.
(b) The Initial Bond (i) may be prepaid or redeemed prior to the respective
scheduled due dates of installments of principal thereof, (ii) may be assigned and
transferred, (iii) may be converted and exchanged for other Bonds, (iv) shall have the
characteristics, and (v) shall be signed and sealed, and the principal of and interest on the
Initial Bond shall be payable, all as provided, and in the manner required or indicated, in
the FORM OF INITIAL BOND set forth in this Resolution.
Section 4. INTEREST. The unpaid principal balance of the Initial Bond shall
bear interest from the date of the Initial Bond, and will be calculated on the basis of a
360-day year of twelve 30-day months to the respective scheduled due dates, or to the
respective dates of prepayment or redemption, of the installments of principal of the
Initial Bond, and said interest shall be payable, all in the manner provided and at the
rates and on the dates stated in the FORM OF INITIAL BOND set forth in this
Resolution.
Section 5. FORM OF INITIAL BOND. The form of the Initial Bond, including
the form of Registration Certificate of the Comptroller of Public Accounts of the State of
Texas to be endorsed on the Initial Bond, shall be substantially as follows:
FORM OF INITIAL BOND
N0- R-i $1,200,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NACOGDOCHES
BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY
COMBINED FEE REVENUE BOND, SERIES 1990
BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY, for
and on behalf of Stephen F. Austin State University (the "Issuer"), being an institution of
higher education of the State of Texas, hereby promises to pay to
LUN&W
or to the registered assignee or assignees of this Bond or any portion or portions hereof
(in each case, the "registered owner") the aggregate principal amount of
21
ONE MILLION TWO HUNDRED THOUSAND DOLLARS
in annual installments of principal due and payable on August 1 in each of the years, and
in the respective principal amounts, as set forth in the following schedule:
and to pay interest, from the date of this Bond hereinafter stated, on the balance of each
such installment of principal, respectively, from time to time remaining unpaid, at the rates
as follows:
maturity 1991, 9.50% maturity 1999, 7.10%
maturity 1992, 9.50% maturity 2000, 7.10%
maturity 1993, 9.50% maturity 2001, 7.20%
maturity 1994, 9.50% maturity 2002, 7.25%
maturity 1995, 9.00% maturity 2003, 7.25%
maturity 1996, 9.00% maturity 2004, 7.00%
maturity 1997, 7.00% maturity 2005, 7.00%
maturity 1998, 7.00%
with said interest being payable on August 1, 1990, and semiannually on each February
1 and August 1 thereafter while this Bond or any portion hereof is outstanding and
unpaid.
THE INSTALLMENTS OF PRINCIPAL OF AND THE INTEREST ON this
Bond are payable in lawful money of the United States of America, without exchange or
collection charges. The installments of principal and the interest on this Bond are payable
to the registered owner hereof through the services of Texas Commerce Bank, N.A.,
Houston, Texas, which is the "Paying Agent/Registrar" for this Bond. Payment of all
principal of and interest on this Bond shall be made by the Paying Agent/ Registrar to the
registered owner hereof on each principal and/or interest payment date by check or draft,
dated as of such date, drawn by the Paying Agent/Registrar on, and payable solely from,
funds of the Issuer required by the Resolution authorizing the issuance of this Bond (the
22
"Bond Resolution") to be on deposit with the Paying Agent/ Registrar for such purpose
as hereinafter provided; and such check or draft shall be sent by the Paying
Agent/Registrar by United States mail, first-class postage prepaid, on each such principal
and/or interest payment date, to the registered owner hereof, at the address of the regis
tered owner, as it appeared on the 15th day of the month next preceding each such date
(the "Record Date") on the Registration Books kept by the Paying Agent/Registrar, as
hereinafter described, or by such other method acceptable to the Paying Agent/Registrar
requested by, and at the risk and expense of, the registered owner. The Issuer covenants
with the registered owner of this Bond that on or before each principal and/or interest
payment date for this Bond it will make available to the Paying Agent/Registrar, from the
"Interest and Sinking Fund" created by the Bond Resolution, the amounts required to
provide for the payment, in immediately available funds, of all principal of and interest
on this Bond, when due.
IF THE DATE for the payment of the principal of or interest on this Bond shall
be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city
where the Paying Agent/Registrar is located are authorized by law or executive order to
close, then the date for such payment shall be the next succeeding day which is not such
a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to
close; and payment on such date shall have the same force and effect as if made on the
original date payment was due.
THIS BOND has been authorized in accordance with the Constitution and laws of
the State of Texas for the purpose of providing funds to acquire, purchase, construct,
improve, enlarge, and equip property, buildings, structures, or other facilities for and on
behalf of the Issuer, to-wit: installation of artificial turf covering at Homer Bryce Stadium.
^ ON AUGUST 1, 1999, or any date thereafter, the unpaid installments of principal
of this Bond may be prepaid or redeemed prior to their scheduled due dates, at the
option of the Issuer, with funds derived from any available source, as a whole, or in part,
and, if in part, the particular portion of this Bond to be prepaid or redeemed shall be se
lected and designated by the Issuer (provided that a portion of this Bond may be
redeemed only in an integral multiple of $5,000), at the prepayment or redemption price
of the principal amount thereof, plus accrued interest to the date fixed for prepayment or
redemption.
AT LEAST 30 days prior to the date fixed for any such prepayment or redemp
tion a written notice of such prepayment or redemption shall be mailed by the Paying
Agent/Registrar to the registered owner hereof. By the date fixed for any such prepay
ment or redemption, due provision shall be made by the Issuer with the Paying
Agent/Registrar for the payment of the required prepayment or redemption price for this
Bond or the portion hereof which is to be so prepaid or redeemed, plus accrued interest
thereon to the date fixed for prepayment or redemption. If such written notice of
23
prepayment or redemption is given, and if due provision for such payment is made, all as
provided above, this Bond, or the portion thereof which is to be so prepaid or redeemed,
thereby automatically shall be treated as prepaid or redeemed prior to its scheduled due
date, and shall not bear interest after the date fixed for its prepayment or redemption,
and shall not be regarded as being outstanding except for the right of the registered owner
to receive the prepayment or redemption price plus accrued interest to the date fixed for
prepayment or redemption from the Paying Agent/Registrar out of the funds provided for
such payment. The Paying Agent/Registrar shall record in the Registration Books all such
prepayments or redemptions of principal of this Bond or any portion hereof.
THIS BOND, to the extent of the unpaid or unredeemed principal balance hereof,
or any unpaid and unredeemed portion hereof in any integral multiple of $5,000, may be
assigned by the initial registered owner hereof and shall be transferred only in the
Registration Books of the Issuer kept by the Paying Agent/Registrar acting in the capacity
of registrar for the Bonds, upon the terms and conditions set forth in the Bond Resolution.
Among other requirements for such transfer, this Bond must be presented and surrendered
to the Paying Agent/Registrar for cancellation, together with proper instruments of
assignment, in form and with guarantee of signatures satisfactory to the Paying
Agent/Registrar, evidencing assignment by the initial registered owner of this Bond, or any
portion or portions hereof in any integral multiple of $5,000, to the assignee or assignees
in whose name or names this Bond, or any such portion or portions hereof, is or are to
be transferred and registered. Any instrument or instruments of assignment satisfactory
to the Paying Agent/Registrar may be used to evidence the assignment of this Bond or any
such portion or portions hereof by the initial registered owner hereof. A new bond or
bonds payable to such assignee or assignees (which then will be the new registered owner
or owners of such new Bond or Bonds) or to ihe initial registered owner as to any portion
of this Bond which is not being assigned and transferred by the initial registered owner,
shall be delivered by the Paying Agent/Registrar in conversion of and exchange for this
Bond or any portion or portions hereof, but solely in the form and manner as provided
in the next paragraph hereof for the conversion and exchange of this Bond or any portion
hereof. The registered owner of this Bond shall be deemed and treated by the Issuer and
the Paying Agent/Registrar as the absolute owner hereof for all purposes, including
payment and discharge of liability upon this Bond to the extent of such payment, and the
Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary.
AS PROVIDED above and in the Bond Resolution, this Bond, to the extent of the
unpaid or unredeemed principal balance hereof, may be converted into and exchanged for
a like aggregate principal amount of fully registered bonds, without interest coupons,
payable to the assignee or assignees duly designated in writing by the initial registered
owner hereof, or to the initial registered owner as to any portion of this Bond which is
not being assigned and transferred by the initial registered owner, in any denomination or
denominations in any integral multiple of $5,000 (subject to the requirement hereinafter
stated that each substitute bond issued in exchange for any portion of this Bond shall have
24
a single stated principal maturity date), upon surrender of this Bond to the Paying
Agent/Registrar for cancellation, all in accordance with the form and procedures set forth
in the Bond Resolution. If this Bond or any portion hereof is assigned and transferred
or converted, each bond issued in exchange for any portion hereof shall have a single
stated principal maturity date corresponding to the due date of the installment of principal
of this Bond or portion hereof for which the substitute bond is being exchanged, and shall
bear interest at the rate applicable to and borne by such installment of principal or
portion thereof. Such bonds, respectively, shall be subject to redemption prior to maturity
on the same dates and for the same prices as the corresponding installment of principal
of this Bond or portion hereof for which they are being exchanged. No such bond shall
be payable in installments, but shall have only one stated principal maturity date. AS
PROVIDED IN THE BOND RESOLUTION, THIS BOND IN ITS PRESENT FORM
MAY BE ASSIGNED AND TRANSFERRED OR CONVERTED ONCE ONLY, and
to one or more assignees, but the bonds issued and delivered in exchange for this Bond
or any portion hereof may be assigned and transferred, and converted, subsequently, as
provided in the Bond Resolution. The Issuer shall pay the Paying Agent/Registrar's
standard or customary fees and charges for transferring, converting, and exchanging this
Bond or any portion thereof, but the one requesting such transfer, conversion, and
exchange shall pay any taxes or governmental charges required to be paid with respect
thereto. The Paying Agent/Registrar shall not be required to make any such assignment,
conversion, or exchange (i) during the period commencing with the close of business on
any Record Date and ending with the opening of business on the next following principal
or interest payment date, or, (ii) with respect to any Bond or portion thereof called for
prepayment or redemption prior to maturity, within 45 days prior to its prepayment or
redemption date.
IN THE EVENT any Paying Agent/Registrar for this Bond is changed by the
Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond
Resolution that it promptly will appoint a competent and legally qualified substitute
therefor, and promptly will cause written notice thereof to be mailed to the registered
owner of this Bond.
IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and
validly authorized, issued and delivered; that all acts, conditions, and things required or
proper to be performed, exist, and be done precedent to or in the authorization, issuance,
and delivery of this Bond have been performed, existed, and been done in accordance
with law; and that the interest on and principal of this Bond and the series of which it is
a part, together with other outstanding revenue bonds, are secured by and payable from
an irrevocable first lien on and pledge of the General Fees, annual interest grants received
from the United States Department of Health, Education and Welfare, in connection with
the Bonds, the Building Use Fee, which lien and pledge is junior and subordinate to that
for the Board of Regents, State Senior Colleges Stephen F. Austin State College Student
Tuition Fee Revenue Bonds of 1968, dated June 1, 1968, "Series 1968 Bonds", or any
25
bonds issued to refund such Series 1968 Bonds, which lien and pledge of said Building
Use Fee is only available after the Series 1968 Bonds are no longer "outstanding" or
"unpaid", and other revenues all as collectively defined as "Pledged Revenues", and
specifically described in the Resolution authorizing this Series of Bonds.
SAID BOARD has reserved the right, subject to the restrictions stated in the
Resolution authorizing this Series of Bonds, to issue additional parity revenue bonds which
also may be made payable from, and secured by a lien on and pledge of, the aforesaid
pledged revenues.
THE HOLDER HEREOF shall never have the right to demand payment of this
obligation out of any funds raised or to be raised by taxation.
BY BECOMING the registered owner of this Bond, the registered owner thereby
acknowledges all of the terms and provisions of the Bond Resolution, agrees to be bound
by such terms and provisions, acknowledges that the Bond Resolution is duly recorded and
available for inspection in the official minutes and records of the governing body of the
Issuer, and agrees that the terms and provisions of this Bond and the Bond Resolution
constitute a contract between the registered owner hereof and the Issuer.
IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the
manual signature of the Chairman of the Board of Regents of the Issuer and
countersigned with the manual signature of the Secretary of the Board of Regents of the
Issuer, has caused the official seal of the Issuer to be duly impressed on this Bond, and
has caused this Bond to be dated April 15, 1990.
Secretary, Chairman,
Board of Regents Board of Regents
(UNIVERSITY SEAL)
26
FORM OF REGISTRATION CERTIFICATE OF THE
COMPTROLLER OF PUBLIC ACCOUNTS:
COMPTROLLERS REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Bond has been examined, certified as to validity, and
approved by the Attorney General of the State of Texas, and that this Bond has been
registered by the Comptroller of Public Accounts of the State of Texas.
Witness my signature and seal this
Comptroller of Public Accounts
of the State of Texas
(COMPTROLLER'S SEAL)
Section 6. ADDITIONAL CHARACTERISTICS OF THE BONDS.
Registration and Transfer, (a) The Issuer shall keep or cause to be kept at the principal
corporate trust office of Texas Commerce Bank, N.A., Houston, Texas (the "Paying
Agent/Registrar") books or records of the registration and transfer of the Bonds (the
"Registration Books"), and the Issuer hereby appoints the Paying Agent/Registrar as its
registrar and transfer agent to keep such books or records and make such transfers and
registrations under such reasonable regulations as the Issuer and Paying Agent/Registrar
may prescribe; and the Paying Agent/Registrar shall make such transfers and registrations
as herein provided. The Paying Agent/Registrar shall obtain and record in the Regis
tration Books the address of the registered owner of each Bond to which payments with
respect to the Bonds shall be mailed, as herein provided; but it shall be the duty of each
registered owner to notify the Paying Agent/ Registrar in writing of the address to which
payments shall be mailed, and such interest payments shall not be mailed unless such
notice has been given. The Issuer shall have the right to inspect the Registration Books
during regular business hours of the Paying Agent/Registrar, but otherwise the Paying
Agent/Registrar shall keep the Registration Books confidential and, unless otherwise
required by law, shall not permit their inspection by any other entity. Registration of each
Bond may be transferred in the Registration Books only upon presentation and surrender
of such Bond to the Paying Agent/Registrar for transfer of registration and cancellation,
together with proper written instruments of assignment, in form and with guarantee of
signatures satisfactory to the Paying Agent/Registrar, (i) evidencing the assignment of the
Bond, or any portion thereof in any integral multiple of $5,000, to the assignee or assign
ees thereof, and (ii) the right of such assignee or assignees to have the Bond or any such
portion thereof registered in the name of such assignee or assignees. Upon the
assignment and transfer of any Bond or any portion thereof, a new substitute Bond or
8
27
Bonds shall be issued in conversion and exchange therefor in the manner herein provided.
The Initial Bond, to the extent of the unpaid or unredeemed principal balance thereof,
may be assigned and transferred by the initial registered owner thereof once only, and to
one or more assignees designated in writing by the initial registered owner thereof. All
Bonds issued and delivered in conversion of and exchange for the Initial Bond shall be in
any denomination or denominations of any integral multiple of $5,000 (subject to the
requirement hereinafter stated that each substitute Bond shall have a single stated
principal maturity date), shall be in the form prescribed in the FORM OF SUBSTITUTE
BOND set forth in this Resolution, and shall have the characteristics, and may be assigned,
transferred, and converted as hereinafter provided. If the Initial Bond or any portion
thereof is assigned and transferred or converted the Initial Bond must be surrendered to
the Paying Agent/Registrar for cancellation, and each Bond issued in exchange for any
portion of the Initial Bond shall have a single stated principal maturity date, and shall not
be payable in installments; and each such Bond shall have a principal maturity date corres
ponding to the due date of the installment of principal or portion thereof for which the
substitute Bond is being exchanged; and each such Bond shall bear interest at the single
rate applicable to and borne by such installment of principal or portion thereof for which
it is being exchanged. If only a portion of the Initial Bond is assigned and transferred,
there shall be delivered to and registered in the name of the initial registered owner
substitute Bonds in exchange for the unassigned balance of the Initial Bond in the same
manner as if the initial registered owner were the assignee thereof. If any Bond or
portion thereof other than the Initial Bond is assigned and transferred or converted each
Bond issued in exchange therefor shall have the same principal maturity date and bear
interest at the same fate as the Bond for which it is exchanged. A form of assignment
shall be printed or endorsed on each Bond, excepting the Initial Bond, which shall be
executed by the registered owner or its duly authorized attorney or representative to
evidence an assignment thereof. Upon surrender of any Bonds or any portion or por
tions thereof for transfer of registration, an authorized representative of the Paying
Agent/Registrar shall make such transfer in the Registration Books, and shall deliver a new
fully registered substitute Bond or Bonds, having the characteristics herein described,
payable to such assignee or assignees (wliich then will.be the registered owner or owners
of such new Bond or Bonds), or to the previous registered owner in case only a portion
of a Bond is being assigned and transferred, all in conversion of and exchange for said
assigned Bond or Bonds or any portion or portions thereof, in the same form and manner,
and with the same effect, as provided in Section 6(d), below, for the conversion and
exchange of Bonds by any registered owner of a Bond. The Issuer shall pay the Paying
Agent/Registrar's standard or customary fees and charges for making such transfer and
delivery of a substitute Bond or Bonds, bufthe one requesting such, transfer shall pay any
taxes or other governmental charges required to be paid with respect thereto. The Paying
Agent/Registrar shall not be required to make transfers of registration of any Bond or any
portion thereof (i) during the period commencing with the close of business on any Record
Date and ending with the opening of business on the next following principal or interest
payment date, or, (ii) with respect to any Bond or any portion thereof called for redemp-
28
tion prior to maturity, within 45 days prior to its redemption date.
(b) Ownership of Bonds. The entity in whose name any Bond shall be registered
in the Registration Books at any time shall be deemed and treated as the absolute owner
thereof for all purposes of this Resolution, whether or not such Bond shall be overdue,
and the Issuer and the Paying Agent/ Registrar shall not be affected by any notice to the
contrary; and payment of, or on account of, the principal of, premium, if any, and interest
on any such Bond shall be made only to such registered owner. All such payments shall
be valid and effectual to satisfy and discharge the liability upon such Bond to the extent
of the sum or sums so paid.
(c) Payment of Bonds and Interest. The Issuer hereby further appoints the Paying
Agent/Registrar to act as the paying agent for paying the principal of and interest on the
Bonds, and to act as its agent to convert and exchange or replace Bonds, all as provided
in this Resolution. The Paying Agent/Registrar shall keep proper records of all payments
made by the Issuer and the Paying Agent/Registrar with respect to the Bonds, and of all
conversions and exchanges of Bonds, and all replacements of Bonds, as provided in this
Resolution.
(d) Conversion and Exchange or Replacement: Authentication. Each Bond issued
and delivered pursuant to this Resolution, to the extent of the unpaid or unredeemed
principal balance or principal amount thereof, may, upon surrender of such Bond at the
principal corporate trust office of the Paying Agent/Registrar, together with a written
request therefor duly executed by the registered owner or the assignee or assignees
thereof, or its or their duly authorized attorneys or representatives, with guarantee of
signatures satisfactory to the Paying Agent/Registrar, may, at the option of the registered
owner or such assignee or assignees, as appropriate, be converted into and exchanged for
fully registered bonds, without interest coupons, in the form prescribed in the FORM OF
SUBSTITUTE BOND set forth in this Resolution, in the denomination of $5,000, or any
integral multiple of $5,000 (subject to the requirement hereinafter stated that each
substitute Bond shall have a single stated maturity date), as requested in writing by such
registered owner or such assignee or assignees, in an aggregate principal amount equal to
the unpaid or unredeemed principal balance or principal amount of any Bond or Bonds
so surrendered, and payable to the appropriate registered owner, assignee, or assignees,
as the case may be. If the Initial Bond is assigned and transferred or converted each
substitute Bond issued in exchange for any portion of the Initial Bond shall have a single
stated principal maturity date, and shall not be payable in installments; and each such
Bond shall have a principal maturity date corresponding to the due date of the installment
of principal or portion thereof for which the substitute Bond is being exchanged; and each
such Bond shall bear interest at the single rate applicable to and borne by such install
ment of principal or portion thereof for which it is being exchanged. If a portion of any
Bond (other than the Initial Bond) shall be redeemed prior to its scheduled maturity as
provided herein, a substitute Bond or Bonds having the same maturity date, bearing
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interest at the same rate, in the denomination or denominations of any integral multiple
of $5,000 at the request of the registered owner, and in aggregate principal amount equal
to the unredeemed portion thereof, will be issued to the registered owner upon surrender
thereof for cancellation. If any Bond or portion thereof (other than the Initial Bond) is
assigned and transferred or converted, each Bond issued in exchange therefor shall have
the same principal maturity date and bear interest at the same rate as the Bond for which
it is being exchanged. Each substitute Bond shall bear a letter and/or number to
distinguish it from each other Bond. The Paying Agent/Registrar shall convert and
exchange or replace Bonds as provided herein, and each fully registered bond delivered
in conversion of and exchange for or replacement of any Bond or portion thereof as
permitted or required by any provision of this Resolution shall constitute one of the Bonds
for all purposes of this Resolution, and may again be converted and exchanged or
replaced. It is specifically provided that any Bond authenticated in conversion of and
exchange for or replacement of another Bond on or prior to the first scheduled Record
Date for the Initial Bond shall bear interest from the date of the Initial Bond, but each
substitute Bond so authenticated after such first scheduled Record Date shall bear inter
est from the interest payment date next preceding the date on which such substitute Bond
was so authenticated, unless such Bond is authenticated after any Record Date but on or
before the next following interest payment date, in which case it shall bear interest from
such next following interest payment date; provided, however, that if at the time of
delivery of any substitute Bond the interest on the Bond for which it is being exchanged
is due but has not been paid, then such Bond shall bear interest from the date to which
such interest has been paid in full. THE INITIAL BOND issued and delivered pursuant
to this Resolution is not required to be, and shall not be, authenticated by the Paying
Agent/Registrar, but on each substitute Bond issued in conversion of and exchange for or
replacement of any Bond or Bonds issued under this Resolution there shall be printed a
certificate, in the form substantially as follows:
"PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is hereby certified that this Bond has been issued under the provisions of the
Bond Resolution described on the face of this Bond; and that this Bond has been issued
in conversion of and exchange for or replacement of a bond, bonds, or a portion of a
bond or bonds of an issue which originally was approved by the Attorney General of the
State of Texas and registered by the Comptroller of Public Accounts of the State of Texas.
Paying Agent/Registrar
Dated By
Authorized Representative"
An authorized representative of the Paying Agent/Registrar shall, before the delivery of
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any such Bond, date and manually sign the above Certificate, and no such Bond shall be
deemed to be issued or outstanding unless such Certificate is so executed. The Paying
Agent/Registrar promptly shall cancel all Bonds surrendered for conversion and exchange
or replacement. No additional ordinances, orders, or resolutions need be passed or
adopted by the governing body of the Issuer or any other body or person so as to
accomplish the foregoing conversion and exchange or replacement of any Bond or portion
thereof, and the Paying Agent/Registrar shall provide for the printing, execution, and
delivery of the substitute Bonds in the manner prescribed herein, and said Bonds shall be
of type composition printed on paper with lithographed or steel engraved borders of
customary weight and strength. Pursuant to Vernon's Ann. Tex. Civ. St. Art. 717k-6, and
particularly Section 6 thereof, the duty of conversion and exchange or replacement of
Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the
execution of the above Paying Agent/Registrar's Authentication Certificate, the converted
and exchanged or replaced Bond shall be valid, incontestable, and enforceable in the same
manner and with the same effect as the Initial Bond which originally was issued pursuant
to this Resolution, approved by the Attorney General, and registered by the Comptrol
ler of Public Accounts. The Issuer shall pay the Paying Agent/Registrar's standard or
customary fees and charges for transferring, converting, and exchanging any Bond or any
portion thereof, but the one requesting any such transfer, conversion, and exchange shall
pay any taxes or governmental charges required to be paid with respect thereto as a
condition precedent to the exercise of such privilege of conversion and exchange. The
Paying Agent/Registrar shall not be required to make any such conversion and exchange
or replacement of Bonds or any portion thereof (i) during the period commencing with
the close of business on any Record Date and ending with the opening of business on the
next following principal or interest payment date, or, (ii) with respect to any Bond or
portion thereof called for redemption prior to maturity, within 45 days prior to its
redemption date.
(e) In General. All Bonds issued in conversion and exchange or replacement of
any other Bond or portion thereof, (i) shall be issued in fully registered form, without
interest coupons, with the principal of and interest on such Bonds to be payable only to
the registered owners thereof, (ii) may be redeemed prior to their scheduled maturities,
(iii) may be transferred and assigned, (iv) may be converted and exchanged for other
Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) the
principal of and interest on the Bonds shall be payable, all as provided, and in the manner
required or indicated, in the FORM OF SUBSTITUTE BOND set forth in this
Resolution.
(0 Payment of Fees and Charges. The Issuer hereby covenants with the registered
owners of the Bonds that it will (i) pay the standard or customary fees and charges of the
Paying Agent/Registrar for its services with respect to the payment of the principal of and
interest on the Bonds, when due, and (ii) pay the fees and charges of the Paying
Agent/Registrar for services with respect to the transfer of registration of Bonds, and with
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respect to the conversion and exchange of Bonds solely to the extent above provided in
this Resolution.
(g) Substitute Paving Agent/Repistrar. The Issuer covenants with the registered
owners of the Bonds that at all times while the Bonds are outstanding the Issuer will
provide a competent and legally qualified bank, trust company, financial institution, or
other agency to act as and perform the services of Paying Agent/Registrar for the Bonds
under this Resolution, and that the Paying Agent/Registrar will be one entity. The Issuer
reserves the right to, and may, at its option, change the Paying Agent/Registrar upon not
less than 120 days written notice to the Paying Agent/Registrar, to be effective not later
than 60 days prior to the next principal or interest payment date after such notice. In the
event that the entity at any time acting as Paying Agent/Registrar (or its successor by
merger, acquisition, or other method) should resign or otherwise cease to act as such, the
Issuer covenants that promptly it will appoint a competent and legally qualified bank, trust
company, financial institution, or other agency to act as Paying Agent/Registrar under this
Resolution. Upon any change in the Paying Agent/Registrar, the previous Paying
Agent/Registrar promptly shall transfer and deliver the Registration Books (or a copy
thereof), along with all other pertinent books and records relating to the Bonds, to the
new Paying Agent/Registrar designated and appointed by the Issuer. Upon any change
in the Paying Agent/Registrar, the Issuer promptly will cause a written notice thereof to
be sent by the new Paying Agent/Registrar to each registered owner of the Bonds, by
United States mail, first-class postage prepaid, which notice also shall give the address of
the new Paying Agent/Registrar. By accepting the position and performing as such, each
Paying Agent/Registrar shall be deemed to have agreed to the provisions of this
Resolution, and a certified copy of this Resolution shall be delivered to each Paying
Agent/Registrar.
Section 7. FORM OF SUBSTITUTE BONDS. The form of all Bonds issued in
conversion and exchange or replacement of any other Bond or portion thereof, including
the form of Paying Agent/Registrar's Certificate to be printed on each of such Bonds, and
the Form of Assignment to be printed on each of the Bonds, shall be, respectively,
substantially as follows, with such appropriate variations, omissions, or insertions as are
permitted or required by this Resolution.
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3 2
FORM OF SUBSTITUTE BOND
N0- PRINCIPAL AMOUNT
$
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NACOGDOCHES
BOARD OF REGENTS OF
STEPHEN F. AUSTIN STATE UNIVERSITY
COMBINED FEE REVENUE BOND, SERIES 1990
INTEREST RATE MATURITY DATE ORIGINAL ISSUE CUSIP NO.
. % ; April 15, 1990
ON THE MATURITY DATE specified above, BOARD OF REGENTS OF
STEPHEN F. AUSTIN STATE UNIVERSITY (the "Issuer"), being an institute of higher
education of the State of Texas, hereby promises to pay to
7
or to the registered assignee hereof (either being hereinafter called the "registered owner")
the principal amount of
and to pay interest thereon from April 15, 1990 to the maturity date specified above, or
the date of redemption prior to maturity, at the interest rate per annum specified above
with interest being payable on August 1, 1990 and semiannually on each February 1 and
August 1 thereafter; except that if the date of authentication of this Bond is later than
July 15, 1990, such principal amount shall bear interest from the interest payment date
next preceding the date of authentication, unless such date of authentication is after any
Record Date (hereinafter defined) but on or before the next following interest payment
date, in which case such principal amount shall bear interest from such next following
interest payment date.
THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful
money of the United States of America, without exchange or collection charges.. The
principal of this Bond shall be paid to the registered owner hereof upon presentation and
surrender of this Bond at maturity or upon the date fixed for its redemption prior to
maturity, at the principal corporate trust office of Texas Commerce Bank, N.A., Houston,
Texas, which is the "Paying Agent/Registrar" for this Bond. The payment of interest on
this Bond shall be made, by the Paying Agent/Registrar to the registered owner hereof on
each interest payment date by check or draft, dated as of such interest payment date,
drawn by the Paying Agent/Registrar on, and payable solely from, funds of the Issuer
required by the Resolution authorizing the issuance of the Bonds (the "Bond Resolution")
to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided;
and such check or draft shall be sent by the Paying Agent/Registrar by United States mail,
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33
first-class postage prepaid, on each such interest payment date, to the registered owner
hereof, at the address of the registered owner, as it appeared on the 15th day of the
month next preceding each such date (the "Record Date") on the Registration Books kept
by the Paying Agent/Registrar, as hereinafter described, or by such other method
acceptable to the Paying Agent/Registrar requested by, and at the risk and expense of,
the registered owner. Any accrued interest due upon the redemption of this Bond prior
to maturity as provided herein shall be paid to the registered owner at the principal
corporate trust office of the Paying Agent/Registrar upon presentation and surrender of
this Bond for redemption and payment at the principal corporate trust office of the Paying
Agent/Registrar. The Issuer covenants with the registered owner of this Bond that on or
before each principal payment date, interest payment date, and accrued interest payment
date for this Bond it will make available to the Paying Agent/Registrar, from the "Interest
and Sinking Fund" created by the Bond Resolution, the amounts required to provide for
the payment, in immediately available funds, of all principal of and interest on the Bonds,
when due.
IF THE DATE for the payment of the principal of or interest on this Bond shall
be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city
where the Paying Agent/Registrar is located are authorized by law or executive order to
close, then the date for such payment shall be the next succeeding day which is not such
a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to
close; and payment on such date shall have the same force and effect as if made on the
original date payment was due.
THIS BOND is one of an issue of Bonds initially dated April 15, 1990, authorized
in accordance with the Constitution and laws of the State of Texas in the original princi
pal amount of $1,200,000, for the purpose of providing funds to acquire, purchase,
construct, improve, enlarge, and equip property, buildings, structures, or other facilities for
and on behalf of the Issuer, to-wit: installation of artificial turf covering at Homer Bryce
Stadium.
ON AUGUST 1, 1999, or any date thereafter, the unpaid installments of principal
on this Bond may be prepaid prior to their scheduled dates, at the option of the Issuer,
with funds derived from any available and lawful source, as a whole, or in part, and, if in
part, the particular portion of this Bond to be prepaid or redeemed shall be selected and
designated by the Issuer (provided that a portion of a Bond may be redeemed only in an
integral multiple of $5,000), at the prepayment or redemption price of the principal
amount thereof, plus accrued interest to the date fixed for redemption.
AT LEAST 30 days prior to the date fixed for any redemption of Bonds or portions
thereof prior to maturity a written notice of such redemption shall be published once in
a financial publication, journal, or reporter of general circulation among securities dealers
in the City of New York, New York (including, but not limited to, The Bond Buyer and
The Wall Street Journal), or in the State of Texas (including, but not limited to, The
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34
The Wall Street Journal), or in the State of Texas (including, but not limited to, The
Texas Bond Reporter). Such notice also shall be sent by the Paying Agent/Registrar by
United States mail, first-class postage prepaid, not less than 30 days prior to the date fixed
for any such redemption, to the registered owner of each Bond to be redeemed at its
address as it appeared on the 30th day prior to such redemption date; provided, however,
that the failure to send, mail, or receive such notice, or any defect therein or in the
sending or mailing thereof, shall not affect the validity or effectiveness of the proceedings
for the redemption of any Bond, and it is hereby specifically provided that the publication
of such notice as required above shall be the only notice actually required in connection
with or as a prerequisite to the redemption of any Bonds or portions thereof. By the date
fixed for any such redemption due provision shall be made with the Paying Agent/Registrar
for the payment of the required redemption price for the Bonds or portions thereof which
are to be so redeemed, plus accrued interest thereon to the date fixed for redemption.
If such written notice of redemption is published and if due provision for such payment
is made, all as provided above, the Bonds or portions thereof which are to be so re
deemed thereby automatically shall be treated as redeemed prior to their scheduled
maturities, and they shall not bear interest after the date fixed for redemption, and they
shall not be regarded as being outstanding except for the right of the registered owner to
receive the redemption price plus accrued interest from the Paying Agent/Registrar out
of the funds provided for such payment. If a portion of any Bond shall be redeemed a
substitute Bond or Bonds having the same maturity date, bearing interest at the same rate,
in any denomination or denominations in any integral multiple of $5,000, at the written
request of the registered owner, and in aggregate principal amount equal to the unre
deemed portion thereof, will be issued to the registered owner upon the surrender thereof
for cancellation, at the expense of the Issuer, all as provided in the Bond Resolution.
THIS BOND OR ANY PORTION OR PORTIONS HEREOF IN ANY INTE
GRAL MULTIPLE OF $5,000 may be assigned and shall be transferred only in the
Registration Books of the Issuer kept by the Paying Agent/Registrar acting in the capacity
of registrar for the Bonds, upon the terms and conditions set forth in the Bond Resolution.
Among other requirements for such assignment and transfer, this Bond must be presented
and surrendered to the Paying Agent/Registrar, together with proper instruments of assign
ment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar,
evidencing assignment of this Bond or any portion or portions hereof in any integral
multiple of $5,000 to the assignee or assignees in whose name or names this Bond or any
such portion or portions hereof is or are to be transferred and registered. The form of
Assignment printed or endorsed on this Bond shall be executed by the registered owner,
or its duly authorized attorney or representative, to evidence the assignment hereof. A
new Bond or Bonds payable to such assignee or assignees (which then will be the new
registered owner or owners of such new Bond or Bonds), or to the previous registered
owner in the case of the assignment and transfer of only a portion of this Bond, may be
delivered by the Paying Agent/Registrar in conversion of and exchange for this Bond, all
in the form and manner as provided in the next paragraph hereof for the conversion and
16
exchange of other Bonds. The Issuer shall pay the Paying Agent/Registrar's standard or
customary fees and charges for making such transfer, but the one requesting such transfer
shall pay any taxes or other governmental charges required to be paid with respect
thereto. The Paying Agent/Registrar shall not be required to make transfers of regis
tration of this Bond or any portion hereof (i) during the period commencing with the close
of business on any Record Date and ending with the opening of business on the next
following principal or interest payment date, or, (ii) with respect to any Bond or any
portion thereof called for redemption prior to maturity, within 45 days prior to its
redemption date. The registered owner of this Bond shall be deemed and treated by the
Issuer and the Paying Agent/Registrar as the absolute owner hereof for all purposes
including payment and discharge of liability upon this Bond to the extent of such payment,
and the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the
contrary.
ALL BONDS OF THIS SERIES are issuable solely as fully registered bonds,
without interest coupons, in the denomination of any integral multiple of $5,000. As
provided in the Bond Resolution, this Bond, or any unredeemed portion hereof, may, at
the request of the registered owner or the assignee or assignees hereof, be converted into
and exchanged for a like aggregate principal amount of fully registered bonds, without
interest coupons, payable to the appropriate registered owner, assignee, or assignees, as
the case may be, having the same maturity date, and bearing interest at the same rate, in
any denomination or denominations in any integral multiple of $5,000 as requested in
writing by the appropriate registered owner, assignee, or assignees, as the case may be,
upon surrender of this Bond to the Paying Agent/Registrar for cancellation, all in
accordance with the form and procedures set forth in the Bond Resolution. The Issuer
shall pay the Paying Agent/Registrar's standard or customary fees and charges for
transferring, converting, and exchanging any Bond or any portion thereof, but the one
requesting such transfer, conversion, and exchange shall pay any taxes or governmental
charges required to be paid with respect thereto as a condition precedent to the exercise
of such privilege of conversion and exchange. The Paying Agent/Registrar shall not be
required to make any such conversion and exchange (i) during the period commencing
with the close of business on any Record Date and ending with the opening of business
on the next following principal or interest payment date, or, (ii) with respect to any Bond
or portion thereof called for redemption prior to maturity, within 45 days prior to its
redemption date.
IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the
Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond
Resolution that it promptly will appoint a competent and legally qualified substitute
therefor, and promptly will cause written notice thereof to be mailed to the registered
owners of the Bonds.
35
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36
IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and
validly authorized, issued and delivered; that all acts, conditions, and things required or
proper to be performed, exist, and be done precedent to or in the authorization, issuance,
and delivery of this Bond have been performed, existed, and been done in accordance
with law; and that the interest on and principal of this Bond and the series of which it is
a part, together with other outstanding revenue bonds, are secured by and payable from
an irrevocable first lien on and pledge of the General Fees, annual interest grants received
from the United States Department of Health, Education and Welfare, in connection with
the Bonds, the Building Use Fee, which lien and pledge is junior and subordinate to that
for the Board of Regents, State Senior Colleges Stephen F. Austin State College Student
Tuition Fee Revenue Bonds of 1968, dated June 1, 1968, "Series 1968 Bonds", or any
bonds issued to refund such Series 1968 Bonds, which lien and pledge of said Building
Use Fee is only available after the Series 1968 Bonds are no longer "outstanding" or
"unpaid", and other revenues all as collectively defined as "Pledged Revenues", and
specifically described in the Resolution authorizing this Series of Bonds.
SAID ISSUER has reserved the right, subject to the restrictions stated in the
Resolution authorizing this Series of Bonds, to issue additional parity revenue bonds which
also may be made payable from, and secured by a first lien on and pledge of, the
aforesaid pledged revenues.
THE HOLDER HEREOF shall never have the right to demand payment of this
obligation out of any funds raised or to be raised by taxation.
BY BECOMING the registered owner of this Bond, the registered owner thereby
acknowledges all of the terms and provisions of the Bond Resolution, agrees to be bound
by such terms and provisions, acknowledges that the Bond Resolution is duly recorded and
available for inspection in the official minutes and records of the governing body of the
Issuer, and agrees that the terms and provisions of this Bond and the Bond Resolution
constitute a contract between each registered owner hereof and the Issuer.
IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the
facsimile signature of the Chairman of the Board of Regents of the Issuer and counter
signed with the facsimile signature of the Secretary of the Board of Regents of the Issuer,
and has caused the official seal of the Issuer to be duly impressed, or placed in facsimile,
on this Bond.
Secretary Chairman
Board of Regents Board of Regents
(UNIVERSITY SEAL)
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37
FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is hereby certified that this Bond has been issued under the provisions of the
Bond Resolution described on the face of this Bond; and that this Bond has been issued
in conversion of and exchange for or replacement of a bond, bonds, or a portion of a
bond or bonds of an issue which originally was approved by the Attorney General of the
State of Texas and registered by the Comptroller of Public Accounts of the State of Texas.
Dated Paying Agent/Registrar
By__
Authorized Representative
FORM OF ASSIGNMENT
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned registered owner of this Bond, or duly
authorized representative or attorney thereof, hereby assigns this Bond to
/ /
(Assignee's Social Security (print Or type Assignee's name
or Taxpayer Identification Number and address, including zip code)
and hereby irrevocably constitutes and appoints
attorney to transfer the registration of this Bond on the Paying Agent/Registrar's
Registration Books with full power of substitution in the premises.
Dated ■
Signature Guaranteed:
NOTICE: This signature must be guaranteed by a member of the New York Stock
Exchange or a commercial bank or trust company.
Registered Owner
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NOTICE: This signature must correspond with the name of the Registered Owner
appearing on the face of this Bond in every particular without alteration or enlargement
or any change whatsoever.
Section 8. DEFINITIONS, that throughout this Resolution, the following terms
as used herein shall have the meaning set forth below, unless the text hereof specifically
indicates otherwise:
The term "Additional Bonds11 shall mean the additional parity revenue bonds
permitted to be authorized in this Resolution.
The term "Board" shall mean the Board of Regents of Stephen F. Austin State
University.
The term "Bonds" shall mean collectively the Board of Regents of Stephen F.
Austin State University General Fee Revenue Bonds, Series 1972, authorized by
Resolution of the Board on March 7, 1972, "Series 1972 Bonds", the Board of Regents of
Stephen F. Austin State University General Fee Revenue Bonds, Series 1973, authorized
by Resolution of the Board on March 27, 1973, "Series 1973 Bonds", the Board of Regents
of Stephen F. Austin State University General Fee Revenue Bonds, Series 1977,
authorized by Resolution of the Board on November 4, 1977, the Board of Regents of
Stephen F. Austin State University Combined Fee Revenue Bonds, Series 1979, authorized
by Resolution of the Board on April 19, 1979, the Board of Regents of Stephen F. Austin
State University Combined Fee Revenue Bonds, Series 1985, authorized by Resolution of
the Board on October 22, 1985, the Board of Regents of Stephen F. Austin State
University Combined Fee Revenue Bonds, Series 1988, authorized by Resolution of the
Board on January 19, 1988, and the Board of Regents of Stephen F. Austin State
University Combined Fee Revenue Bonds, Series 1990, authorized by this Resolution.
The term "Building Use Fee" shall mean the gross collections of the building use
fee to be fixed, charged and collected from all tuition paying students regularly enrolled
at the University, out of and as a part of the regular student tuition fees of the University,
in the manner and to the extent provided in this Resolution and the Resolution which
authorized the outstanding Series 1968 Bonds, and pledged to the payment of the Series
1968 Bonds and being only available for the payment of the Bonds and Additional Bonds
after the Series 1968 Bonds are no longer outstanding or unpaid, as authorized by Chapter
55 of the Texas Education Code. (This definition was restated due to Chapter 55 of the
Texas Education Code superseding Art. 2654c-1 and Art. 2909c-3, V.A.T.C.S.).
The term "General Fee" shall mean the gross collections of the general fee fixed,
charged, and collected from all students (excepting any category of students now exempt
from paying fees by Chapter 54 of the Texas Education Code) regularly enrolled in the
University, for the use and availability of the University, in the manner and to the extent
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provided in this Resolution, and as authorized by Chapter 55 of the Texas Education
Code.
The term "Outstanding", when used with reference to Bonds or Additional Bonds,
and as of a particular date, or time, shall mean all Bonds and Additional Bonds
theretofore issued and not cancelled except Bonds or Additional Bonds for the payment
or redemption of which cash or federal securities (direct obligations of the United States
government) equivalent to cash, equal to the principal amount thereof or redemption
price thereof, or with interest to date of maturity or redemption date, shall be held by the
Paying Agent therefor, provided that if such Bonds or Additional Bonds are to be
redeemed prior to date of maturity, notice of redemption shall have been given as
provided in the resolution or resolutions authorizing such Bonds or Additional Bonds.
The term "Pledged Revenues" shall mean collectively, the General Fee and annual
interest grants received from the United States, Department of Health, Education and
Welfare (now known as the Department of Education), in connection with the Bonds,
together with a lien on and pledge of certain student tuition fees, designated as the
"Building Use Fee", which lien and pledge is junior and subordinate to that for the
outstanding Board of Regents State Senior College Student Tuition Fee Revenue Bonds
of 1968, dated June 1, 1968, "Series 1968 Bonds", or any bonds issued to refund such
Series 1968 Bonds, which lien and pledge of said Building Use Fee is only available after
the Series 1968 Bonds are no longer "outstanding" or "unpaid", and other investment
earnings resulting from the deposit or investment of any monies credited to any fund which
is maintained pursuant to the Resolution that authorized the Bonds, together with any
additional revenues, income, receipts, or other resources, including, without limitation, any
grants, donations, or income received or to be received from the United States
government, or any other public or private source, whether pursuant to an agreement or
otherwise, which hereafter may be pledged to the payment of the Bonds or the Additional
Bonds.
The term "Series 1968 Bonds" shall mean the Board of Regents, State Senior
College Stephen F. Austin State College Student Tuition Fee Revenue Bonds of 1968,
authorized by resolution of the Board on May 10, 1968.
The term "University" or "Issuer" shall mean the Stephen F. Austin State University,
formerly known as Stephen F. Austin State College.
Section 9. (a) That the Bonds authorized by this Resolution are "Additional Bonds"
as permitted by Sections 22, 23 and 24 of the Resolution that authorized the issuance of
the Series 1972 Bonds, and it is hereby determined, declared and resolved that all of the
Bonds are and shall be secured and payable equally and ratably on a parity, and that
Sections 10 through 28 of this Resolution are supplemental and cumulative of Sections 8
through 25 of the Resolution that authorized the Series 1972 Bonds, with said sections
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being equally applicable to all of the bonds, except as modified hereby.
(b) That the Bonds and any Additional Bonds, and the interest thereon, are and
shall be secured by and payable from an irrevocable first lien on and pledge of the
Pledged Revenues.
Section 10. That the Bonds and any Additional Bonds and interest thereon shall
constitute special obligations of the Board, payable solely from the Pledged Revenues, and
such obligations shall not constitute a prohibited indebtedness of the University, the Board,
or the State of Texas, and the holders of the Bonds and Additional Bonds shall never
have the right to demand payment out of funds raised or to be raised by taxation.
Section 11. (a) That the Board covenants and agrees to fix, levy, charge, and
collect the General Fee from all students (excepting any category of students now exempt
from paying fees by Chapter 54 of the Texas Education Code) regularly enrolled in the
University at each regular fall and spring semester and at each term of each summer
session, for the general use and availability of the University, in such amounts, without any
limitation whatsoever, as will be at least sufficient at all times to provide, together with
other Pledged Revenues, the money for making all deposits required to be made to the
credit of the Interest and Sinking Fund and Reserve Fund in connection with the Bonds
and any Additional Bonds.
(b) That it is hereby resolved, declared, and confirmed that, commencing and
effective with the regular 1990 fall semester of the University, the General Fee has been
and is hereby fixed and levied, and was and shall be charged and collected at the rates
as follows:
Semester Hours General Use
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(c) That it is hereby further resolved, declared, and confirmed that, commencing
and effective with the regular 1990 fall semester of the University, the General Fee is
hereby fixed and levied and shall be charged and collected at the rate of $5 50 per
semester credit hour per regular semester and summer session for each regularly enrolled
student with such fee not to exceed $82.50 per enrolled student per regular semester or
summer session.
a (d)u""?' thC General Fee Sha11 be increased tf and when required by this Section
and may be decreased, so long as all Pledged Revenues are sufficient to provide the
money for making all deposits required to be made to the credit of the Interest and
Sinking Fund and Reserve Fund in connection with the Bonds and any Additional Bonds.
All such changes in the General Fee shall be made by resolution of the Board, but such
procedure shall not constitute or be regarded as an amendment of this Resolution, but
merely the carrying out of the provisions hereof.
(e) That it is specifically found and determined by the Board that the Bonds are
issued pursuant to Section 55.17 of the Education Code, to be secured by a pledge of an
unlimited use fee (the General Fee), and that (1) the estimated maximum amount per
semester hour of the pledged General Fee (based on current enrollment and conditions)
during any future semester to provide for the payment of the principal of and interest on
the Bonds when due together with (2) the aggregate amount of all use fees levied on a
semester hour basis for the coming fall semester of 1990 to pay the principal of and
interest on all previously issued bonds, does not exceed $6.00 per semester hour; and it
l yl u f \ nd determined that the ^ega* of all use fees levied on a
hour basis f th i fll
™« l ned semester for the coming fall semester is not more than $6.00 per semester
hour, which amount mcludes the aforesaid pledged General Fee in the amount of not
T*?"^0 per semester hour as of the 1990 fall semester, which is more than
on current enrollment and conditions) to provide, for the current semester
JE55£*the payment of the principal of and i
1Qi« RnH I2' ? at h i$, fUrthef reSOlV6d' declared and ^"firmed that after the Series
J6** h Si I , ed and unna,H * 11^ "J6*"* SUCh SerieS 1968
Bonds are no longer outstanding and unpaid, the BuiWing Use Fee has been and is here by fixed, levied and reaffirmed
(a) $5.00 from each enrolled student for each regular semester;
(b) $2.50 from each enrolled student for each summer term;
and said Building Use Fee shall be so levied, charged, and collected in such amounts so
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long as any Bonds or Additional Bonds are outstanding, such amounts being the maximum
now permitted by Chapter 55 of the Texas Education Code.
Section 13. That there has been created and established on the books of the
University a separate account entitled the "Revenue Fund", hereinafter called "Revenue
Fund". All collections of the General Fee and annual interest grants received from the
United States, Department of Health, Education and Welfare, in connection with the
Bonds, the Building Use Fee, after the Series 1968 Bonds or bonds issued to refund such
Series 1968 Bonds are no longer outstanding and unpaid, and any other Pledged Revenues
shall be credited to the Revenue Fund.
Section 14. That to pay the principal of and interest on all outstanding Bonds and
any Additional Bonds, as the same comes due, there has been created and established at
an official depository of the University, which must be a member of the Federal Deposit
Insurance Corporation, a separate Fund entitled "General Fee Revenue Bond Interest and
Sinking Fund", hereinafter sometimes called "Interest and Sinking Fund".
Section 15. That there has been created and established at an official depository
of the University (which must be a member of the Federal Deposit Insurance Corporation)
a separate fund entitled "General Fee Revenue Bond Reserve Fund", hereinafter
sometimes called "Reserve Fund", which shall be used finally in retiring the last of its
Outstanding Bonds and any Additional Bonds, or for payment of the principal of and
interest on any Outstanding Bonds and Additional Bonds, when and to the extent the
amount in the Interest and Sinking Fund is otherwise insufficient for such purpose.
Section 16. Money in any Fund maintained pursuant to this Resolution may, at the
option of the Board, be placed in time deposits or invested in direct obligations of, or
obligations, the principal of and interest on which are guaranteed by, the United States
of America, and evidences of indebtedness of the Federal Land Banks, Federal
Intermediate Credit Banks, Banks for Cooperatives, Federal Home Loan Banks, or Federal
National Mortgage Association; provided that all such deposits and investments shall be
made in such manner that the money required to be expended from any Fund will be
available at the proper, time or times. Such investments shall be valued in terms of
current market value as of the last day of February and. August of each year. Interest
and income derived from such deposits and investments shall be credited to the Fund
from which the deposit or investment was made. Such investments shall be sold promptly
when necessary to prevent any default in connection with the Bonds or .Additional Bonds.
Section 17. That all money in all Funds created by this Resolution, to the extent
not invested, shall be secured in the manner prescribed by law for securing funds of the
University, in principal amounts at all times not less than the amounts of money credited
to such Funds, respectively.
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Section 18. That all accrued interest and any premium from the sale of the Bonds
shall be deposited into the Interest and Sinking Fund, and that the Board shall transfer
from the Pledged Revenues in the Revenue Fund and deposit to the credit of the Interest
and Sinking Fund the amounts, at the times, as follows:
(1) On or before July 25, 1990, and semi-annually on or before each
January 25 and July 25 thereafter, an amount which will be sufficient, together with
other monies, if any, then on hand therein and available for such purpose, to pay
the interest scheduled to accrue and come due on the Bonds on the next succeeding
interest payment date; and
(2) On or before July 25, 1990, an amount sufficient to pay principal
scheduled to mature on August 1, 1990 and thereafter semi-annually on or before
each January 25 and July 25, an amount equal to one-half of the principal
scheduled to mature and come due on the Bonds on the next succeeding principal
maturity date.
Section 19. That on or before July 25, 1990, and semi-annually on or before each
January 25 and July 25 thereafter, the Board shall transfer from the Revenue Fund and
deposit to the credit of the Reserve Fund, an amount equal to l/8th of the average annual
principal and interest requirements of the Bonds; provided, however, that when the money
and investments in the Reserve Fund are at least equal in market value to the amount of
the average annual principal and interest requirements of the Bonds, then such deposits
may be discontinued, unless and until the Reserve Fund should be depleted to less than
said amount in market value, in which case said deposits shall be resumed and continued
until the Reserve Fund is restored to said amount; and so long as the Reserve Fund
contains said amount, any surplus in the Reserve Fund over said amount may be used to
retire any Bonds or Additional Bonds by purchase on the open market, at such price as
shall be determined by the Board, or by call for redemption prior to maturity (provided
that if any Bond or Additional Bond is subject to call for redemption prior to maturity on
the next succeeding interest payment date, its purchase price shall not exceed. the
redemption price that would be applicable on such date), or such surplus may be used for
any other lawful purpose, at the option of the Board.
Section 20. (a) That if on any occasion there shall not be sufficient Pledged
Revenues to make the required deposits into the Interest and Sinking Fund and the
Reserve Fund, then such deficiency shall be made up as soon as possible from the next
available Pledged Revenues, or from any other sources available for such purpose.
(b) That immediately following each required semi-annual deposit from the
Revenue Fund to the credit of the Interest and Sinking Fund and the Reserve Fund, as
required by this Resolution, or any resolution authorizing the issuance of Additional Bonds,
all remaining surplus Pledged Revenues then on deposit to the credit of the Revenue
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Fund may be used by the Board for any lawful purpose. It is specifically covenanted and
agreed, however, that none of the Pledged Revenues in the Revenue Fund will be released
from the control of the Board, or otherwise expended or disposed of, until after each such
required semi-annual deposit from the Revenue Fund has been made to the credit of the
Interest and Sinking Fund and the Reserve Fund.
Section 21. On or before the last day of July, 1990, and semi-annually on or before
the last day of each July and of each January thereafter while any of the Bonds or
Additional Bonds are outstanding and unpaid, the Board shall make available to the
Paying Agent/Registrar therefor, out of the Interest and Sinking Fund, and/or the Reserve
Fund, if necessary, money sufficient to pay such interest on and such principal of the
Bonds and Additional Bonds as will accrue or mature on the February 1st or August 1st
immediately following. The paying agent/registrar shall totally destroy all paid Bonds and
Additional Bonds, and shall furnish the Board with an appropriate certificate of
destruction.
Section 22. That at such times as the aggregate amount of money and investments
in the Interest and Sinking Fund and the Reserve Fund are at least equal in market value
to (1) the aggregate principal amount of all unpaid (unmatured and matured) outstanding
Bonds and Additional Bonds, plus (2) the aggregate amount of all unpaid (unmatured and
matured) interest payments for such Bonds and Additional Bonds, no further deposits
need be made into the Interest and Sinking Fund or Reserve Fund. In determining the
amount of such Bonds and Additional Bonds, and interest due thereon at any time, there
shall be subtracted and excluded the amount of any such Bonds and Additional Bonds
which shall have been duly called for redemption and for which funds shall have been
deposited with the paying agent/registrar therefor sufficient, including any required
redemption premium, for such redemption.
Section 23. That the Board shall have the right and power at any time and from
time to time, and in one or more Series or issues, to authorize, issue, and deliver
additional parity revenue bonds (herein called "Additional Bonds"), in any amounts, for
any lawful purpose, and to refund any Bonds, Additional Bonds, or any existing
indebtedness of the University. Such Additional Bonds, if and when authorized, issued!
and delivered in accordance with this Resolution, shall be secured and payable equally and
ratably on a parity with the Bonds, and all other outstanding Additional Bonds, by an
irrevocable first lien on and pledge of the Pledged Revenues.
S«ction 24- 00 The Interest and Sinking Fund and the Reserve Fund established
by this Resolution shall secure and be used to pay all Additional Bonds as well as the
Bonds. However, each resolution under which Additional Bonds are issued shall provide
and require that, in addition to the amounts required by the provisions of this Resolution
and the provisions of any other resolution or resolutions authorizing Additional Bonds to
be deposited to the credit of the Interest and Sinking Fund, the Board shall transfer from
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the Pledged Revenues and deposit to the credit of the Interest and Sinking Fund at least
such amounts as are required for the payment of all principal of and interest on said
Additional Bonds then being issued, as the same comes due, and that the Board shall
transfer from said Pledged Revenues and deposit to the credit of the Reserve Fund at
least such amounts, in approximately equal semi-annual installments, as will, together with
any other amounts already required to be deposited in the Reserve Fund in connection
with the Bonds and any other outstanding Additional Bonds, be sufficient to cause the
Reserve Fund to accumulate and contain within a period of not to exceed sixty months
after the date of said Additional Bonds then being issued, a total amount of money and
investments at least equal in market value to the average annual principal and interest
requirements of all Bonds and Additional Bonds to be outstanding after the issuance of
the then proposed Additional Bonds.
(b) The principal of all Additional Bonds must be scheduled to be paid or mature
on August 1 of the years in which such principal is scheduled to be paid or mature; and
all interest thereon must be payable on February 1 and August 1.
Section 25. Additional Bonds shall be issued only in accordance with this
Resolution, but notwithstanding any provisions of this Resolution to the contrary, no
installment, Series, or issue of Additional Bonds shall be issued or delivered unless;
(a) The senior financial officer of the University signs a written certificate to the
effect that the Board is not in default as to any covenant, condition, or obligation in
connection with all outstanding Bonds and Additional Bonds, and the resolutions
authorizing same, and that the Interest and Sinking Fund and the Reserve Fund each
contains the amount then required to be therein.
(b) The State Auditor of the State of Texas, or a certified public accountant, signs
a written certificate to the effect that, during either the next preceding fiscal year, or any
twelve consecutive calendar month period ending not more than ninety days prior to the
adoption of the resolution authorizing the issuance of the then proposed Additional Bonds,
the Pledged Revenues were at least equal to 1.25 times the average annual principal and
interest requirements of all Outstanding Bonds and Additional Bonds.
(c) The senior financial officer of the University signs a written certificate to the
effect that during each University fiscal year, while any Bonds or Additional Bonds are
scheduled to be outstanding, beginning with the fiscal year next following the date of the
proposed Additional Bonds, the Pledged Revenues estimated to be received during each
of said fiscal years, respectively, will be at least 1.25 times the principal and interest
requirements on all then Outstanding Bonds and Additional Bonds, and the then proposed
Additional Bonds, during each of said fiscal years, respectively.
Section 26. The Board further covenants and agrees that:
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(a) It will fix, impose, charge, and collect all Pledged Revenues; and will faithfully
perform at all times any and all covenants, undertakings, stipulations, and provisions
contained in this Resolution and each resolution authorizing the issuance of Additional
Bonds, and in each and every Bond and Additional Bond; that it will promptly pay or
cause to be paid from the Pledged Revenues the principal of and interest on every Bond
and Additional Bond, on the dates and in the places and manner prescribed in such
resolutions and Bonds or Additional Bonds; and that it will, at the times and in the
manner prescribed, deposit or cause to be deposited from the Pledged Revenues the
amounts required to be deposited into the Interest and Sinking Fund and the Reserve
Fund; and any holder of the Bonds or Additional Bonds may require the Board, its
officials or employees, and any appropriate official of the State of Texas, to carry out,
respect, or enforce the covenants and obligations of this Resolution or any resolution
authorizing the issuance of Additional Bonds, by all legal and equitable means, including
specifically, but without limitation, the use and filing of mandamus proceedings, in any
court of competent jurisdiction, against the Board, its officials and employees, or any
appropriate official of the State of Texas.
(b) It is duly authorized under the laws of the State of Texas to create and issue
the Bonds; that all action on its part for the creation and issuance of the Bonds has been
duly and effectively taken, and that the Bonds in the hands of the holders and owners
thereof are and will be valid and enforceable special obligations of the Board in
accordance with their terms.
(c) It lawfully owns and is lawfully possessed of the lands, buildings, and facilities
constituting the University and its campus and has a good and indefeasible estate in such
lands, buildings, and facilities in fee simple, that it warrants that it has, and will defend,
the title to all the aforesaid lands, buildings, and facilities, and every part thereof, for the
benefit of the holders and owners of the Bonds and Additional Bonds against the claims
and demands of all persons whomsoever, that it is lawfully qualified to pledge the Pledged
Revenues to the payment of the Bonds and Additional Bonds in the manner prescribed
herein, and has lawfully exercised such rights.
(d) It will from time to time and before the same become delinquent pay and
discharge all taxes, assessments, and governmental charges, if any, which shall be lawfully
imposed upon it, or the campuses, buildings, and facilities of the University, that it will pay
all lawful claims for rents, royalties, labor, materials, and supplies which if unpaid might
by law become a lien or charge thereon, the lien of which would be prior to or interfere
with the liens hereof, so that the priority of the liens granted hereunder shall be fully pre
served in the manner provided herein, and that it will not create or suffer to be created
any mechanic's, laborer's, materialman's or other lien or charge which might or could be
prior to the liens hereof, or do or suffer any matter or thing whereby the liens hereof
might or could be impaired; provided, however, that no such tax, assessment, or charge,
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and that no such claims which might be used as the basis of a mechanic's, laborer's,
materialman's or other lien or charge shall be required to be paid so long as the validity
of the same shall be contested in good faith by the Board.
(e) That it will continuously and efficiently operate and maintain in good condition,
and at a reasonable cost, the University and the facilities and services thereof, so long as
any Bonds or Additional Bonds are outstanding.
(f) That while the Bonds or any Additional Bonds are outstanding and unpaid, the
Board shall not additionally encumber the Pledged Revenues in any manner, except as
permitted in this Resolution in connection with Additional Bonds, unless said encumbrance
is made junior and subordinate in all respects to the liens, pledges, covenants, and
agreements of this Resolution.
(g) Proper books of record and account will be kept in which full, true, and correct
entries will be made of all dealings, activities, and transactions relating to the Pledged
Revenues, and all books, documents, and vouchers relating thereto shall at all reasonable
times be made available for inspection upon request of any bond holder.
(h) That each year while any of the Bonds or Additional Bonds are outstanding,
an audit will be made of its books and accounts relating to the Pledged Revenues by the
State Auditor of the State of Texas, or any certified public accountant, such audit to be
based on the fiscal year of the University. As soon as practicable after the close of each
such fiscal year, and when said audit has been completed and made available to the
Board, a copy of such audit for the preceding fiscal year shall be mailed to all bondholders
who shall so request in writing. Such annual audit reports shall be open to the inspection
of the bondholders and their agents and representatives at all reasonable times.
(i) That the Board covenants that it will not permit to be deposited to the credit
of any of the Funds created by this Resolution, or applied to the payment of the principal
of or interest on the Bonds or any Additional Bonds, any proceeds from any grant,
subsidy, donation, or income received from the United States Government, whether
pursuant to agreement or otherwise, if such deposit or application would result in interest
payable on the Bonds or Additional Bonds being includable in whole or in part in gross
income for Federal income tax purposes.
(j) That the Board covenants that it will comply with all of the terms and
conditions of any and all grant or subsidy agreements applicable to the Bonds or
Additional Bonds entered into between the Board and any governmental agency in connec
tion with any grant or debt service subsidy; and the Board will take all action necessary
to enforce said terms and conditions.
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(k) That the Board covenants that it will comply with Section 148 of the Internal
Revenue Code of 1986.
Section 27. DEFEASANCE OF BONDS, (a) Any Bond and the interest thereon
shall be deemed to be paid, retired, and no longer outstanding (a "Defeased Bond") within
the meaning of this Resolution, except to the extent provided in subsection (d) of this
Section 27, when payment of the principal of such Bond, plus interest thereon to the due
date (whether such due date be by reason of maturity, upon redemption, or otherwise)
either (i) shall have been made or caused to be made in accordance with the terms
thereof (including the giving of any required notice of redemption), or (ii) shall have been
provided for on or before such due date by irrevocably depositing with or making available
to the Paying Agent/Registrar for such payment (1) lawful money of the United States of
America sufficient to make such payment or (2) Government Obligations which mature
as to principal and interest in such amounts and at such times as will insure the
availability, without reinvestment, of sufficient money to provide for such payment, and
when proper arrangements have been made by the Issuer with the Paying Agent/Registrar
for the payment of its services until all Defeased Bonds shall have become due and
payable. At such time as a Bond shall be deemed to be a Defeased Bond hereunder, as
aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from,
or entitled to the benefits of, the Pledged Revenues herein levied and pledged as provided
in this Resolution, and such principal and interest shall be payable solely from such money
or Government Obligations.
(b) Any moneys so deposited with the Paying Agent/Registrar may at the written
direction of the Issuer also be invested in Government Obligations, maturing in the
amounts and times as hereinbefore set forth, and all income' from such Government
Obligations received by the Paying Agent/Registrar which is not required for the payment
of the Bonds and interest thereon, with respect to which such money has been so depos
ited, shall be turned over to the Issuer, or deposited as directed in writing by the Issuer.
(c) The term "Government Obligations" as used in this Section, shall mean direct
obligations of the United States of America, including obligations the principal of and
interest on which are unconditionally guaranteed by the United States of America, which
may be United States Treasury obligations such as its State and Local Government Series,
which may be in book-entry form.
(d) Until all Defeased Bonds shall have become due and payable, the Paying
Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased
Bonds the same as if they had not been defeased, and the Issuer shall make proper
arrangements to provide and pay for such services as required by this Resolution.
Section 28. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED
BONDS, (a) Replacement Bonds. In the event any outstanding Bond is damaged,
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mutilated, lost, stolen, or destroyed, the Paying Agent/Registrar shall cause to be print
ed, executed, and delivered, a new bond of the same principal amount, maturity, and
interest rate, as the damaged, mutilated, lost, stolen, or destroyed Bond, in replacement
for such Bond in the manner hereinafter provided.
(b) Application for Replacement Bonds. Application for replacement of damaged,
mutilated, lost, stolen, or destroyed Bonds shall be made by the registered owner thereof
to the Paying Agent/Registrar. In every case of loss, theft, or destruction of a Bond, the
registered owner applying for a replacement bond shall furnish to the Issuer and to the
Paying Agent/Registrar such security or indemnity as may be required by them to save
each of them harmless from any loss or damage with respect thereto. Also, in every case
of loss, theft, or destruction of a Bond, the registered owner shall furnish to the Issuer and
to the Paying Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction
of such Bond, as the case may be. In every case of damage or mutilation of a Bond, the
registered owner shall surrender to the Paying Agent/Registrar for cancellation the Bond
so damaged or mutilated.
(c) No Default Occurred, Notwithstanding the foregoing provisions of this Section,
in the event any such Bond shall have matured, and no default has occurred which is then
continuing in the payment of the principal of, redemption premium, if any, or interest on
the Bond, the Issuer may authorize the payment of the same (without surrender thereof
except in the case of a damaged or mutilated Bond) instead of issuing a replacement
Bond, provided security or indemnity is furnished as above provided in this Section.
(d) Charge for Issuing Replacement Bonds. Prior to the issuance of any
replacement bond, the Paying Agent/Registrar shall charge the registered owner of such
Bond with all legal, printing, and other expenses in connection therewith. Every
replacement bond issued pursuant to the provisions of this Section by virtue of the fact
that any Bond is lost, stolen, or destroyed shall constitute a contractual obligation of the
Issuer whether or not the lost, stolen, or destroyed Bond shall be found at any time or
be enforceable by anyone, and shall be entitled to all the benefits of this Resolution
equally and proportionately with any and all other Bonds duly issued under this
Resolution.
(e) Authority for Issuing Replacement Bonds. In accordance with Section 6 of
Vernon's Ann. Tex. Civ. St. Art. 717k-6, this Section 28 of this Resolution shall constitute
authority for the issuance of any such replacement bond without necessity of further action
by the governing body of the Issuer or any other body or person, and the duty of the
replacement of such bonds is hereby authorized and imposed upon the Paying
Agent/Registrar, and the Paying Agent/Registrar shall authenticate and deliver such Bonds
in the form and manner and with the effect, as provided in Section 6(d) of this Resolution
for Bonds issued in conversion and exchange for other Bonds.
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Section 29. CUSTODY, APPROVAL, AND REGISTRATION OF BONDS-BOND
COUNSEL'S OPINION, CUSIP NUMBERS AND CONTINGENT INSURANCE
PROVISION, IF OBTAINED. The Chairman of the Board of Regents of the Issuer is
hereby authorized to have control of the Initial Bond issued hereunder and all necessary
records and proceedings pertaining to the Initial Bond pending its delivery and its
investigation, examination, and approval by the Attorney General of the State of Texas
and its registration by the Comptroller of Public Accounts of the State of Texas Upon
registration of the Initial Bond said Comptroller of Public Accounts (or a deputy
designated in writing to act for said Comptroller) shall manually sign the Comptroller's
Registration Certificate on the Init

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Stephen F. Austin State University Minutes of the Board of Regents Nacogdoches, Texas April 24,1990 Volume 99 INDEX MINUTES OF THE MEETING BOARD OF REGENTS STEPHEN F. AUSTIN STATE UNIVERSITY HELD AT NACOGDOCHES, TEXAS April 24, 1990 Page 90-57 Approval to Appoint Ad Hoc Committee to Review Rules and Regulations of Board of Regents 1 90-58 Election of Board Officers 1 90-59 Approval of Amendment to Rules and Regulations of Board of Regents 1 90-60 Approval of Resolution for Dr. William R. Johnson 1 90-61 Approval of Resolution for Mrs. William R. Johnson 1 90-62 Approval of Minutes of January 23,1990 Meeting 1 90-63 Approval of Minutes of February 18,1990 Meeting 1 90-64 Approval of Minutes of March 26,1990 Meeting 1 90-65 Appointments for 89-90 2 90-66 Appointments for 90-91 8 90-67 Changes of Status 9 90-68 Leaves of Absence 10 90-69 Faculty Development Leaves 10 90-70 Academic Tenure Awards 10 90-71 Academic Promotions 10 90-72 Retirements 11 90-73 Regents Professorship Awards 12 90-74 Approval of Faculty Staff Appointments for 1990-91 as submitted in Supplement to Board 12 90-75 Approval of Faculty Workload Report 12 Page 90-76 Approval of Regent Bryce to Award Degrees at Coffield Commencement 12 90-77 Approval of Master of Social Work and Authorization for Submission to Texas Higher Education Coordinating Board 12 90-78 Approval of Bachelor of Science in Home Economics with Major in Hospitality Administration and Authorization for Submission to Texas Higher Education Coordinating Board 12 90-79 Approval to Designate Agricultural Education to Agricultural Development for submission ot Texas Higher Education Coorinating Board 12 90-80 Approval of Budget Transfer 12 90-81 Approval of Summer 1990 Budget 13 90-82 Approval of FY1991 Annual Operating Budget 13 90-83 Acceptance of Financial Certification 13 90-84 Authorization to Add Budget Accounts Manager to List of Personnel Authorized to Sign Vouchers and Checks -. 13 90-85 Approval of Bond Issue and Bond Resolution 13 90-86 Authorization to employ C.P.A. Consultant for Defeasance Study for 1968 Student Fee Revenue Bonds 13 90-87 Approval of Contract for Boynton Building Renovation 13 90-88 Approval of Contract for Boynton Building Asbestos Removal 13 90-89 Approval of Boynton Building Budget 14 90-90 Approval of Contracts for Installation of Synthetic Turf at Homer Bryce Stadium 14 90-91 Approval of Budget for Installation of Synthetic Turf at Homer Bryce Stadium 14 90-92 Authorization to Issue Purchase Orders for Movable Equipment for Steen Library 14 Page 90-93 Approval of Easement Agreements with City of Nacogdoches 14 90-94 Authorization to Employ Architectural Firm for Old Stone Fort Building Renovation 14 Resolution Honoring Dr. William R. Johnson 15 Resolution Honoring Mrs. William R. Johnson 16 Boynton Building Renovation Contract 53 Bond Sale Resolution 17 Contracts for Installation of Artificial Turf at Homer Bryce Stadium 59 Easement Agreements with City of Nacogdoches 100 MINUTES OF THE MEETING BOARD OF REGENTS STEPHEN F. AUSTIN STATE UNIVERSITY HELD AT NACOGDOCHES, TEXAS April 24, 1990 The meeting was called to order by Mrs. Peggy Wedgeworth Wright, Chairman of the Board of Regents at 9:00 a.m., April 24, 1990. REGENTS PRESENT: STAFF PRESENT: VISITORS Senator Roy M. Blake of Nacogdoches Mr. Homer Bryce of Henderson Mr. Larry J. Christopher of Crockett Mr. Dan Haynes of Bullard Mr. Richard Hile of Jasper Mr. Kelly Jones of Arlington Mr. Wayne Salvant of Fort Worth Mr. James M. Windham, Jr. of Houston Mrs. Peggy Wedgeworth Wright of Nacogdoches Dr. William R. Johnson, President Mrs. Marilyn W. Abegg, Assistant to the Vice President for University Advancement Mr. Don L. Henry, Vice President for Administrative and Fiscal Affairs Dr. Baker Pattillo, Vice President for University Affairs Dr. Robert J. Provan, General Counsel Dr. James V. Reese, Vice President for Academic Affairs Dr. Nancy Speck, Vice President for University Advancement Ms. Lucy Stringer, Assistant to the President and Editor of University Publications Mr. Danny Bledsoe, The Daily Sentinel Ms. Jennifer Brooks, President, Student Government Association Dr. Jerry N. Lackey, Chairman, Faculty Senate Mr. Lou Lopez, KTRE TV Ms. Donna McCollum, KTRE TV Ms. Jacqui Sundeen, Editor, Pine Log 90-57 Upon motion of Regent Christopher, seconded by Regent Windham, with all members voting aye, it was ordered that an ad hoc committee be appointed, with Robert J. Provan, University Legal Counsel, as advisor, to review the rules and regulations of the Board of Regents and report findings to the Board at its October, 1990, meeting. 90-58 Upon motion of Regent Salvant, seconded by Regent Blake, with all members voting aye, it was ordered that Regent Wright be elected Chairman and Regent Jones be elected Vice Chairman of the Board of Regents for Stephen F. Austin State University, and that Mr. Don L. Henry be elected secretary to the Board. 90-59 Upon motion of Regent Blake, seconded by Regent Hile, with five members voting aye and two members voting nay, it was ordered that Item No. 4, Paragraph 2 (page 2) of the Rules and Regulations of the Board of Regents be amended as follows: No member shall serve more than one term as Chairman unless the members shall elect such member for another term by two-thirds vote of its membership. 90-60 Upon motion of Regent Haynes, seconded by Regent Bryce, it was ordered that the resolution honoring Dr. William R. Johnson for his years of service as University President be approved. (See page 15) 90-61 Upon motion of Regent Haynes, seconded by Regent Bryce, it was ordered that the resolution honoring Mrs. William R. Johnson, for her years of service as the University's First Lady be approved. (See page 16) 90-62 Upon motion of Regent Hile, seconded by Regent Blake, with all members voting aye, it was ordered that the minutes of the meeting of the Board of Regents on January 23,1990, be approved. 90-63 Upon motion of Regent Hile, seconded by Regent Blake, with all members voting aye, it was ordered that the minutes of the meeting of the Board of Regents on February 18,1990, be approved. 90-64 Upon motion of Regent Hile, seconded by Regent Blake, with all members voting aye, it was ordered that the minutes of the meeting of March 26,1990, be corrected to show that Regent Windham was present and that Regent Salvant was absent. 90-65 Upon motion of Regent Hile, seconded by Regent Christopher, with all members voting aye, it was ordered that the following appointments for 1989-90 be approved: 1. Administrative Services Ms. Vicki A. David, Part-time Instructor, at a salary of $1,500 for 25% time for the spring semester, 1990. Ms. Nancy Engman, Part-time Instructor, at a salary of $3,000 for 50% time for the spring semester, 1990. Mr. Dan Giles, Part-time Instructor, at a salary of $3,000 for 50% time for the spring semester, 1990. Ms. Carolyn M. Price, Part-time Assistant Professor, at a salary of $3,659 for 25% time for the spring semester, 1990. 2. Admissions Ms. Annette Merie Hardin, Admissions Counselor, 33, B.A. (Texas Southern University), at a salary of $21,000 for twelve months, effective February 26, 1990. 3. Agriculture Dr. Fred G. Hooper, Part-time Instructor, at a salary of $1,000 for 25% time for two and one-half months, effective March 15, 1990. Dr. David H. Miller, Part-time Instructor, at a salary of $1,000 for 25% time for two and one-half months, effective March 15,1990. Dr. Mike Ward, Part-time Instructor, at a salary of $1,000 for 25% time for two and one-half months, effective March 15,1990. 4. Biology Mr. Kevin B. Frizzell, Graduate Teaching Intern, 27, M.S. (Stephen F. Austin State University), at a salary of $6,500 for 100% time for the spring semester, 1990. 5. Chemistry Dr. Donald R. Fulsom, Part-time Instructor, at a salary of $12,500 for 100% time for the spring semester, 1990. 6. Communication Ms. Jennie C. Casey, Part-time Lecturer, at a salary of $4,000 for 50% time for the spring semester, 1990. Mr. Kenneth Kennamer, Part-time Instructor, at a salary of $1,830 for 25% time for the spring semester, 1990. 7. Counseling and Special Educational Programs Ms. Karen L. Craig, Part-time Lecturer, 33, M.Ed. (Stephen F. Austin State University), at a salary of $1,500 for 25% time for the spring semester, 1990. Mr. Neill S. Hays, Part-time Assistant Professor, at a salary of $3,294 for 25% time for the spring semester, 1990. Dr. Newell G. Holland, Part-time Lecturer, at a salary of $2,000 for 25% time for the spring semester, 1990. Ms. Loree J. Krenzke, Part-time Lecturer, at a salary of $1,500 for 25% time for the spring semester, 1990. Dr. Jack L. Nelson, Part-time Lecturer, 46, Ed.D. (East Texas State University), at a salary of $1,000 for 25% time for the spring semester, 1990. 8. Criminal Justice Mr. John D. Norton, Part-time Instructor, at a salary of $1,750 for 25% time for the spring semester, 1990. 9. Early Childhood Laboratory Ms. Sara Somes, Lead Toddler Teacher, at a salary of $17, 000 for twelve months, effective February 1,1990. 10. Economics and Finance Mr. Ndson Warren Miller, Jr., Part-time Instructor, at a salary of $1,500 for 25% time for the spring semester, 1990. 11. Elementary Education Dr. Mary Appleberry, Part-time Professor, at a salary of $2,000 for 50% time for the spring semester, 1990. Mr. Neill S. Hays, Part-time Assistant Professor, at a salary of $1,000 for 25% time for the spring semester, 1990. Ms. Marian W. Sawyer, Part-time Instructor, 37, M.A. (University of Wisconsin-Madison), at a salary of $1,500 for 25% time for the spring semester, 1990. 12. English and Philosophy Mr. Cydney Adams, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Sylvia Bierschenk, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Dr. Royce Burton, Part-time Instructor, at a salary of $4,000 for 50% time for the spring semester, 1990. Ms. Deborah E. Bush, Part-time Lecturer, at a salary of $1,243 for 25% time tor three and one-half months, effective February 16, 1990. Ms. Vickey DeMars Daley, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Mary Devine, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Mr. George M. Dodson, Part-time Instructor, at a salary of $1,750 for 25% time for the spring semester, 1990. Mr. Boyd Douglas Dollar, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Anne Martin Duncan, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Betty Haley, Part-time Instructor, at a salary of $4,743 for 75% time for the spring semester, 1990. Dr. Constance Hall, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Sue Parsons, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Mary E. Pierce-Daniel, Part-time Instructor, at a salary of $1,750 for 25% time for the spring semester, 1990. Mr. Robert Richey, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Lynda K. Russell, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Nancy Shaffer, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Leann West, Part-time Instructor, at a salary of $1,750 for 25% time for the spring semester, 1990. 13. Forestry Dr. Kamis Awang, Visiting Hunt Professor, 51, Ph.D. (Australian National University), at a salary of $8,000 for two and one-half months, effective March 15, 1990. 14. History Ms. Hazel S. Abemethy, Part-time Instructor, at a salary of $3,600 for 50% time for the spring semester, 1990. Mr. Charles G. Davis, Part-time Instructor, at a salary of $5,400 for 75% time for the spring semester, 1990. Dr. James M. McReynolds, Part-time Instructor, at a salary of $2,000 for 25% time for the spring semester, 1990. Mr. Ronald L. Spiller, Part-time Instructor, at a salary of $1,800 for 25% time for the spring semester, 1990. 15. Home Economics Ms. Susan Martin Hughes, Lecturer, 26, M.S. (Texas Woman's University), at a salary of $9,000 for 100% time for the spring semester, 1990. 16. Kinesiology and Health Science Mr. Wayne J. Jacobs, Lecturer, at a salary of $6,000 for 100% time for the spring semester, 1990. Mr. E. K. Sowell, Part-time Instructor, at a salary of $2,600 for 50% time for the spring semester, 1990. 17. Management and Marketing Dr. Richard W. Ballenger, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. Ms. Gina G. Henry, Part-time Instructor, 32, MIM (American Graduate School of International Management), at a salary of $3,000 for 50% time for the spring semester, 1990. Mr. William G. Krause, Part-time Instructor, 58, MBA (Stephen F. Austin State University), at a salary of $3,000 for 50% time for the spring semester, 1990. 18. Mathematics and Statistics Dr. Robert R. Fleet, Lecturer, at a salary of $8,000 for 100% time for the spring semester, 1990. Ms. Linda S. Franklin, Part-time Lecturer, at a salary of $1,750 for 25% time for the spring semester, 1990. Mr. Joseph W. Gaut, Lecturer, at a salary of $7,400 for 100% time for the spring semester, 1990. Mr. Hossein M. Hosseinpour, Lecturer, at a salary of $7,400 for 100% time for the spring semester, 1990. Mr. Paul E. Lewis, Lecturer, at a salary of $7,400 for 100% time for the spring semester, 1990. Ms. Vicky Lymbery, Part-time Lecturer, at a salary of $4,150 for 50% time for the spring semester, 1990. Mr. Ronald L. Spence, Lecturer, 43, M.S. (Stephen F. Austin State University), at a salary of $7,400 for 100% time for the spring semester, 1990. Mr. Benjamin J. Sultenfuss, Lecturer, 47, M.S. (Stephen F. Austin State University), at a salary of $7,400 for 100% time for the spring semester, 1990. Ms. Jacquelyne K. Wing, Part-time Lecturer, at a salary of $5,550 for 75% time for the spring semester, 1990. 19. Modern Languages Dr. Robert Norris, Part-time Instructor, at a salary of $3,330 for 50% time for the spring semester, 1990. 20. Music Ms. Diana G. Allan, Lecturer Intern, at a salary of $1,750 for 25% time for the spring semester, 1990. Mr. Dennis P. Bell, Part-time Instructor, at a salary of $2,290 for 25% time for the spring semester, 1990. Ms. Ann M. McCutchan, Part-time Instructor, at a salary of $4,500 for 50% time for the spring semester, 1990. Ms. Linda Parr, Part-time Instructor, at a salary of $1,000 for 17% time for the spring semester, 1990. 21. Political Science and Geography Dr. Harry V. Hoechten, Part-time Lecturer, at a salary of $6,240 for 75% time for the spring semester, 1990. Ms. Carolyn C. LaRue, Part-time Lecturer, at a salary of $1,105 for 25% time for the spring semester, 1990. Ms. Robin Moore, Part-time Lecturer, at a salary of $1,725 for 25% time for the spring semester, 1990. 22. Psychology Mr. Richard P. Mendola, Part-time Instructor, at a salary of $1,800 for 25% time for the spring semester, 1990. Ms. Michelle A. Miller, Part-time Instructor, 36, M.A. (Stephen F. Austin State University), at a salary of $1,575 for 25% time for the spring semester, Ms. Donna G. Teafatiller, Part-time Instructor, at a salary of $1,800 for 25% time for the spring semester, 1990. 23. Secondary Education Mr. Darryl L. Morris, Part-time Lecturer, at a salary of $2,000 for 25% time for the spring semester, 1990. Mr. Malcolm N. Rector, Part-time Instructor, at a salary of $4,000 for 50% time for the spring semester, 1990. Mr. Clois L. Walker, Part-time Instructor, 66, M.Ed. (Stephen F. Austin State University), at a salary of $2,000 for 50% time for the spring semester, 1990. 24. Social Work Ms. Kathleen Belanger, Part-time Instructor, at a salary of $1,750 for 25% time for the spring semester, 1990. Ms. Gwendolyn K. Cunningham, Part-time Instructor, 38, M.S.S.W. (University of Texas-Austin), at a salary of $3,500 for 50% time for the spring semester, 1990. Mr. Daryl G. Dulany, Part-time Instructor, 36, M.S.W. (Our Lady of the Lake University), at a salary of $1,500 for 25% time for the spring semester, 1990. Ms. Nancy Fagan Lamar, Part-time Instructor, at a salary of $1,500 for 25% time for the spring semester, 1990. Mr. Roger B. McNellie, Part-time Instructor, at a salary of $1,750 for 25% time for the spring semester, 1990. Mr. Arlyn D. Vierkant, Part-time Instructor, at a salary of $3,500 for 50% time for the spring semester, 1990. 25. Theatre Ms. Gem Elizabeth Holt, Part-time Instructor, at a salary of $1,500 for 25% time for four months, effective February 1,1990. 26. Applied Studies The following faculty are teaching for the spring semester, 1990, at the location, and for the salary indicated. Mr. James Bowman Coffield and Michael Units $2,216 Dr. Royce Burton Michael Unit 2,841 Mr. Thomas L. Dunn Coffield Unit 4,216 Dr. Ralph Eddins Fairfield 1,488 Dr. William Heeney Jasper 1,446 Dr. Harold G. Hill Humble 1,540 Dr. Harry Hoechten Michael Unit 2,921 Dr. Jerry L. Irons Longview and Coordinator (all off-campus programs) 1,936 Dr. Gerald Lowry Michael Unit 1,500 Dr. Patrick Mueller Dr. Bennat C. Mullen Dr. Milton Payne Dr. Hugh D. Prewitt Mr. Jesse Richardson Dr. Jose Rodriguez Dr. Leah Smith Dr. Donnya Stephens Dr. John Thornton Mr. Arlyn Vierkant Dr. William Weber Mr. Jim Wofford 27. University Affairs Mr. Denzil Cox, Assistant Football Coach and Instructor of Physical Education, at a salary of $35,000 for ten and one-half months, effective February 26,1990. Mr. Ned Fowler, Head Basketball Coach, at a salary of $52,000 for twelve months, effective March 8,1990. 90-66 Upon motion of Regent Blake, seconded by Regent Jones, with all members voting aye, it was ordered that the following appointments for 1990-91 be approved: 1. Biology Dr. Thomas G. Benoit, Assistant Professor, 35, Ph.D. (Texas Tech University), at a salary of $31,000 for 100% time for nine months, effective fall semester, 1990. 2. Management and Marketing Dr. Donald Ray Curtis, Assistant Professor, 55, Ph.D. (University of Utah), at a salary of $40,000 for 100% time for nine months, effective fall semester, 1990. 3. Political Science and Geography Dr. Frank Codispoti, Assistant Professor, 42, Ph.D. (Michigan State University), at a salary of $27,000 for 100% time for nine months, effective fall semester, 1990. 4. Theatre Ms. Ernetta L. Fox, Assistant Professor and Costume Designer, 44, M.F.A. (University of South Dakota), at a salary of $27,000 for 100% time for nine months, effective fall semester, 1990. 90-67 Upon motion of Regent Windham, seconded by Regent Hile, with all members voting aye, it was ordered that the following changes of status be approved: 1. Communication Mr. Donald L. Graham, Assistant Professor, an additional $1,750 to teach an overload during the spring semester, 1990. Mr. Miles L. McCall, Lecturer, an additional $1,750 to teach an overload during the spring semester, 1990. 2. Counseling and Special Educational Programs Ms. Debra W. Bankston, Instructor, an additional $1,000 to teach an overload during the spring semester, 1990. Ms. Marietta L. Yeates, Instructor, an additional $1,000 to teach an overload during the spring semester, 1990. 3. Physics and Astronomy Mr. Terry M. Carlton, Lecturer, from a salary of $6,705 for 50% time to a salary of $13,410 for 100% time for the spring semester, 1990. 4. Political Science and Geography Ms. Mary L. Cams, Assistant Professor, an additional $1,000 to teach an overload during the spring semester, 1990. Dr. David Cox, Associate Professor, an additional $670 to teach an overload during the spring semester, 1990. Dr. Joseph E. Fults, Lecturer, an additional $2,880 to teach two overload classes during the spring semester, 1990. Dr. Wayne E. Johnson, Professor, an additional $670 to teach an overload during the spring semester, 1990. 5. Secondary Education Dr. Buster Duke Brannen, Professor, an additional $1,000 to teach an overload during the spring semester, 1990. Dr. Charlene S. Crocker, Associate Professor, an additional $1,000 to teach an overload during the spring semester, 1990. Dr. Sherry L. Rulfs, Assistant Professor, an additional $1,000 to teach an overload during the spring semester, 1990. Ms. Paulette Darcy Wright, Lecturer, an additional $1,500 to teach an overload during the spring semester, 1990. 10 6. Theatre Mr. Thomas M. Matthys, Assistant Professor, an additional $1,500 to teach an overload during the spring semester, 1990. 7. University Affairs Ms. Julie Thompson from Campus Assistance Program Counselor to Campus Assistance Program Director, effective March 5,1990. 90-68 Upon motion of Regent Blake, seconded by Regent Christopher, with all members voting aye, it was ordered that the following leaves of absence be granted: 1. Political Science and Geography Dr. Stephen N. Smith, Associate Professor, medical leave for the remainder of spring semester, effective February 23, 1990. 2. Nursing Ms. Debra Mahoney, Instructor, leave of absence to complete terminal degree, effective fall semester, 1990. 90-69 Upon motion of Regent Salvant, seconded by Regent Bryce, with all members voting aye, it was ordered that the faculty members listed below be awarded Faculty Development Leaves for the spring semester, 1990, at full pay. Dr. James Corbin, Sociology Dr. Sylvia McGrath, History 90-70 Upon motion of Regent Haynes, seconded by Regent Windham, with all members voting aye, it was ordered that academic Tenure be awarded to the following individuals, effective September 1,1990. Mr. Richard A. Berry, Music Dr. Garland Demarcus Simmons, Economics and Finance 90-71 Upon motion of Regent Bryce, seconded by Regent Windham, with all members voting aye, it was ordered that the following individuals be granted promotion to the academic rank indicated, effective fall semester, 1990. To Professor Emeritus: Dr. Mary Appleberry, Elementary Education Dr. Sue Butts, Home Economics Dr. Bill Hamrick, Counseling and Special Educational Programs Dr. Carl Kight, Kinesiology and Health Science 11 Dr. Elnita Stanley, Counseling and Special Educational Programs To Professor: Dr. Sandra Cole, Kinesiology and Health Science Dr. Marvin Carey Crocker, Jr.5 Geology Dr. Betty Johnson, Administrative Services Dr. David Kulhavy, Forestry Dr. Jerry Lackey, Psychology Dr. Janice Pattillo, Elementary Education Dr. Allen Richman, History Dr. Jose Rodriguez, Secondary Education To Associate Professor Emeritus: Dr. Virginia J. Mathews, Kinesiology and Health Science To Associate Professor: Mr. Rufus Jefferson Banks, English and Philosophy Dr. Richard Berry, Music Ms. Mary Cams, Political Science and Geography Mr. Ben Hobbs, Communication Mr. Darrell Holt, Music Dr. Patrick A. Mueller, Criminal Justice Dr. Pamela D. Roberson, Mathematics Dr. Richard Shigley, Criminal Justice Dr. Elizabeth Vaughan, Elementary Education Dr. Linda White, English and Philosophy To Assistant Professor: Dr. Tom Flemings Kinesiology and Health Science Dr. Sandra McCune, Secondary Education 90-72 Upon motion of Regent Hile, seconded by Regent Christopher, with all members voting aye, it was ordered that the following retirements be accepted. 1. Biology Dr. Russell C. Faulkner, Professor, effective May 31,1990. 2. English and Philosophy Mr. Rufus Jefferson Banks, Assistant Professor, effective May 31,1990. 3. Modern Languages Dr. Vivian Mercer Gruber, Professor, effective May 31, 1990. 4. Political Science and Geography Dr. Gerald Loyd Collier, Professor, effective May 31,1990. 12 90-73 Upon motion of Regent Blake, seconded by Regent Jones, with all members voting aye, it was ordered that the following be awarded Regents Professorships for the academic year 1990-91. Dr. Francis E. Abernethy, Professor, English and Philosophy Dr. Thomas J. Stanly, Professor, Agriculture 90-74 Upon motion of Regent Salvant, seconded by Regent Bryce, with all members voting aye, it was ordered that the faculty and staff appointments for 1990-91, as submitted with the Board agenda in the Supplement to the Board be approved. 90-75 Upon motion of Regent Hile, seconded by Regent Christopher, with all members voting aye, it was ordered that the faculty workload report for the spring semester, 1990, be approved as submitted. 90-76 Upon motion of Regent Windham, seconded by Regent Jones, with all members voting aye, it was ordered that Regent Homer Bryce be authorized to award academic degrees at Coffield commencement on May 10,1990. 90-77 Upon motion of Regent Blake, seconded by Regent Hile, with all members voting aye, it was ordered that the proposal for a Master of Social Work be approved and that it be submitted to the Texas Higher Education Coordinating Board for its consideration. 90-78 Upon motion of Regent Bryce, seconded by Regent Blake, with all members voting aye, it was ordered that the Bachelor of Science in Home Economics with a major in Hospitality Administration be approved and that it be submitted to the Texas Higher Education Coordinating Board for its consideration. 90-79 ' Upon motion of Regent Windham, seconded by Regent Hayes, with all members voting aye, it was ordered that the designation from Agricultural Education to Agricultural Development be approved for submission to the Texas Higher Education Coordinating Board for its consideration. 90-80 Upon motion of Regent Christopher, seconded by Regent Bryce, with all members voting aye, it was ordered that a budget transfer of $10,000 from Auxiliary Surplus to Account 6601 (Furnishings and Equipment, President's Residence) be approved. 13 90-81 Upon motion of Regent Hile, seconded by Regent Salvant, with all members voting aye, it was ordered that the Summer Budget for 1990 totaling $2,134,292.41 be approved. 90-82 Upon motion of Regent Haynes, seconded by Regent Christopher, with all members voting aye, it was ordered that the annual operating budget for FY 1991 be approved as presented. 90-83 Upon motion of Regent Salvant, seconded by Regent Christopher, with all members voting aye, it was ordered that the financial certification be accepted as presented. 90-84 Upon motion of Regent Blake, seconded by Regent Bryce, with all members voting aye, it was ordered that Mr. Robert T. Lawson, Jr., Budget Accounts Manager, be added to the list of specified administrative personnel authorized to sign vouchers and checks for the period April 24,1990, through August 31,1991. 90-85 Upon motion of Regent Hile, seconded by Regent Windham, with all members voting aye, it was ordered that the Chairman of the Board be authorized to sign the related bond issue documents as prepared by Rauscher, Pierce, Refsnes, Inc. and the bond resolution become a part of this action. (See page 17) 90-86 Upon motion of Regent Hile, seconded by Regent Windham, with all members voting aye, it was ordered that the Administration be authorized to employ a C.P.A. consultant for the purpose of preparing a Defeasance Study for the 1968 Student Fee Revenue Bonds, and should this study indicate savings in interest expense, that bids will be secured to defease the remaining debt service requirements of this issue. 90-87 Upon motion of Regent Blake, seconded by Regent Bryce, with all members voting aye, it was ordered that the low bid from Kingham Construction Co., Nacogdoches, Texas, be accepted and that Alternates 1, 2 and 2 be included in the contract for a total of $1,443,700 for the Boynton Building renovation and that the Chairman of the Board be authorized to sign the contract. (See page 53) 90-88 Upon motion of Regent Bryce, seconded by Regent Hile, with all members voting aye, it was ordered that the low bid from WRW Construction, Inc., Houston, Texas, for $99,750 for the Boynton Building asbestos removal be accepted and that the President be authorized to sign the purchase order. 14 90-89 Upon motion of Regent Hile, seconded by Regent Salvant, with all members voting aye, it was ordered that the budget of $1,784,200 for the Boynton Building Renovation be approved. 90-90 Upon motion of Regent Haynes, seconded by Regent Windham, with all members voting aye, it was ordered that the bid from C.C.E., Inc., Nacogdoches, Texas, for $635,701.58 for field preparation and the bid from All-Pro, Inc., Rome, Georgia, for $506,511.50 (for a combined construction cost of $1,142,213.08) for synthetic turf installation at Homer Bryce Stadium be accepted and that the Chairman of the Board be authorized to sign the contracts. (See page 59) 90-91 Upon motion of Regent Christopher, seconded by Regent Haynes, with all members voting aye, it was ordered that the budget of $1,219,413,08 for the installation of an artificial surface at Homer Bryce Stadium be approved. 90-92 Upon motion of Regent Windham, seconded by Regent Haynes, with all members voting aye, it was ordered that awards be made to the low bidders for movable equipment for the Steen Library renovation and expansion as follows, and that the President be authorized to sign the purchase orders. Technical Furnishings Buckstaff Corporation $ 766,661.90 Dallas, Texas Steel Bookstacks Library Bureau $ 354,794.66 Herkimer, New York Office & Miscellaneous Hoover Brothers $ 90,921.20 Furniture Huntsville, Texas Total Award $1,212,377.76 90-93 Upon motion of Regent Christopher, seconded by Regent Windham, with all members voting aye, it was ordered that the proposed easement agreements with the City of Nacogdoches be approved and the Chairman of the Board be authorized to sign the agreement as presented. (See page 100) 90-94 Upon motion of Regent Bryce, seconded by Regent Hile, with all members voting aye, it was ordered that the Administration be authorized to employ the firm of Marsellos and Scott to prepare plans and specifications for a renovation of the Old Stone Fort building and to secure bids for consideration at the July, 1990, Board meeting. BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY 15 Nacogdoches, Texas April 24, 1990 PRESIDENT WILLIAM R. JOHNSON Resolution of Appreciation WHEREAS, on July 1,1976, Dr. William R. Johnson became the fourth president in the history of Stephen F. Austin State University, assuming the position after serving with distinction as a professor of American history at Austin Pcay State College, the University of South Dakota, and Texas Tech University, and Vice President of Academic Affairs and Dean of Faculties at Texas Tech University and as an American Council on Education Fellow at the University of North Carolina; WHEREAS, he brought to his new position at SFASU an enviable understanding of higher education in Texas and, indeed, nationally; a dedication to high academic standards and excellence in all other ways; and, a quiet sense of humor in dealing with the multiple publics of a university; WHEREAS, President Johnson set about with vigor and vision to consolidate and enhance the rapid gains SFASU had made in the 1960s and early 1970s as it emerged from a college into a university; WHEREAS, as part of his consolidation and enhancement effort, he provided leadership which resulted in the addition of an academic school devoted to communication and social services and baccalaureate and master's degree programs in several fields, the securing of accreditations in most of the University's disciplines where such accreditation is available, the purchase of a second university farm for expanded educational programs in agriculture, and the securing of the site and erection of facilities for the Tcmplc-Eastcx Forestry Laboratory, the construction of on-campus academic buildings for agriculture, art, liberal arts, mathematics, nursing, and a planetarium, expanded and renovated other classroom and laboratory buildings including a major addition to the University library, and an intensification of campus bcautification programs; WHEREAS, further, President Johnson challenged the SFASU Alumni Association to multi-million-dollar fund-raising efforts to provide additional academic scholarships, established a division of university advancement, now headed by a vice president, to raise funds for academic enrichment through the SFASU Foundation including the establishment of the institution's first two endowed professorships; WHEREAS, through his efforts the University extended its outreach beyond the nation through exchange programs with sister institutions in Korea, Malaysia and the People's Republic of China; WHEREAS, in addition to providing inspiicd leadership for academic advancement, he expanded student activities and the facilities accommodating them, involved the student government and oilier student organiza tions in University decision-making and upgraded intercollegiate and intramural athletic programs so that champion ships and national attention accrued to the University; WHEREAS, to provide for the orderly operation of the University, President Johnson worked with other administrators, faculty, staff, and regents to develop and implement policy statements and other guidelines; WHEREAS, in all ways, he worked harmoniously with students and their parents, the faculty, the staff the Board of Regents, the Texas Higher Education Coordinating Board, the Council of Public University Presidents and Chancellors, the Legislature, the Governor, and all other constituents of the University, and rose to a position of leadership in higher education in the state and nation; AND WHEREAS, on July 15, 1990, President Johnson will retire offically from his position at SFASU; NOW, THEREFORE, BEIT RESOLVED by the Board ofRcgcntsofStcphcn F.Austin State University, in meeting assembled this twenty-fourth day of April, 1990, that this resolution of appreciation to President Johnson be adopted; that a copy of this resolution be spread upon the minutes of the Board meeting; and that a commemorative copy be presented to President Johnson; AND BE IT FURTHER RESOLVED that the Board extends to President Johnson its warmest wishes for continued success. THE BOARD OF REGENTS, STEPHEN F. AUSTIN STATE UNIVERSITY Peggy W. Wright, Chairman Roy M. Blake L. Kelly Jones, Vice Chairman Homer L. Bryce Larry J. Christopher Dan Hayncs Richard C. Hilc Wayne T. Salvant James M. Windham, Jr. Attest: Don L. Henry, Secretary to the Board 16 BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY Nacogdoches, Texas April 24, 1990 FREIDA KENNEDY JOHNSON Resolution Of Appreciation ^ presidential fan^S ^^^^^^ THE BOARD OF REGENTS, STEPHEN F. AUSTIN STATE UNIVERSITY Peggy W. Wright, Chairman L. Kelly Jones, Vice Chairman Roy M. Blake Homer L. Brycc Larry J. Christopher Dan Hayncs Richard C. Hilc Wayne T. Salvant James M. Windham, Jr. Attest: Don L. Henry, Secretary to the Board 17 CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS § COUNTY OF NACOGDOCHES § STEPHEN F. AUSTIN STATE UNIVERSITY § We, the undersigned officers of the Board of Regents of said University, hereby certify as follows: 1. The Board of Regents of said University convened in REGULAR MEETING ON THE 24TH DAY OF APRIL, 1990, at the regular designated meeting place, and the roll was called of the duly constituted officers and members of said Board, to-wit: Mrs. Peggy W. Wright, Chairman Mr. Dan M. Haynes Mr. L. Kelly Jones, Vice Chairman Mr. Richard C. Hile Senator Roy M. Blake Mr. Wayne F. Salvant Mr. Homer L. Bryce Mr. James M. Windham Mr. Larry J. Christopher Mr. Don L. Henry, Secretary and all of said persons were present, except the following absentees: /?£>/? A* thus constituting a quorum. Whereupon, among other business the following was transacted at said Meeting: a written RESOLUTION AUTHORIZING THE ISSUANCE OF BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY COMBINE FEE REVENUE BONDS, SERIES 1990 was duly introduced for the consideration of said Board and read in full. It was then duly moved and seconded that said Resolution be passed; and, after due discussion, said motion, carrying with it the passage of said Resolution, prevailed and carried by the following vote: AYES: All members of said Board shown present above voted "Aye". NOES: • None. 2. That a true, full, and correct copy of the aforesaid Resolution passed at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; that said Resolution has been duly recorded in said Board's minutes of said Meeting; that the above and foregoing paragraph is a true, full, and correct excerpt from said Board's minutes of said Meeting pertaining to the passage of said Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified, and acting officers and members of said Board as indicated therein; that each of the officers 18 and members of said Board was duly and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the aforesaid Meeting, and that said Resolution would be introduced and considered for passage at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose; and that said Meeting was open to the public, and public notice of the time, place, and purpose of said Meeting was given all as required by Vernon's Ann. Civ. St. Article 6252-17. SIGNED AND SEALED the 24th day of April, 1990. Sgcrfetaty Board of Regents (SEAL) 19 RESOLUTION AUTHORIZING THE ISSUANCE OF BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY COMBINED FEE REVENUE BONDS, SERIES 1990 THE STATE OF TEXAS : COUNTY OF NACOGDOCHES STEPHEN F. AUSTIN STATE UNIVERSITY : WHEREAS, the Board of Regents of Stephen F. Austin State University is authorized to issue bonds in accordance with Chapter 55 of the Texas Education Code; and THEREFORE, BE IT RESOLVED BY THE BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY: Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bond or bonds of Stephen F. Austin State University (the "Issuer") are hereby authorized to be issued and delivered in the aggregate principal amount of $1,200,000 for providing funds to acquire, purchase, construct, improve, enlarge, and equip property, buildings, structures, or other facilities for and on behalf of the Issuer, to-wit: installation of artificial turf covering at Homer Bryce Stadium. Section 2. DESIGNATION OF THE BONDS. Each bond issued pursuant to this Resolution shall be designated: "BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY COMBINED FEE REVENUE BONDS, SERIES 1990", and initially there shall be issued, sold, and delivered hereunder a single fully registered bond, without interest coupons, payable in installments of principal (the "Initial Bond"), but the Initial Bond may be assigned and transferred and/or converted into and exchanged for a like aggregate principal amount of fully registered bonds, without interest coupons, having serial maturities, and in the denomination or denominations of $5,000 or any integral multiple of $5,000, all in the manner hereinafter provided. The term "Bonds" as used in this Resolution shall mean and include collectively the Initial Bond and all substitute bonds exchanged therefor, as well as all other substitute bonds and replacement bonds issued pursuant hereto, and the term "Bond" shall mean any of the Bonds. Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURITIES, INITIAL REGISTERED OWNER, AND CHARACTERISTICS OF THE INITIAL BOND, (a) The Initial Bond is hereby authorized to be issued, sold, and delivered hereunder as a single fully registered Bond, without interest coupons, dated April 15, 1990, in the denomination and aggregate principal amount of $1,200,000, numbered R- 1, payable in annual installments of principal to the initial registered owner thereof, to- 1 20 wit: LUN&W (Lovett Underwood Neuhaus & Webb, Inc.), or to any registered assignee or assignees of said Bond or any portion or portions thereof (in each case, the "regis tered owner"), with the annual installments of principal of the Initial Bond to be payable on the dates, respectively, and in the principal amounts, respectively, stated in the FORM OF INITIAL BOND set forth in this Resolution. (b) The Initial Bond (i) may be prepaid or redeemed prior to the respective scheduled due dates of installments of principal thereof, (ii) may be assigned and transferred, (iii) may be converted and exchanged for other Bonds, (iv) shall have the characteristics, and (v) shall be signed and sealed, and the principal of and interest on the Initial Bond shall be payable, all as provided, and in the manner required or indicated, in the FORM OF INITIAL BOND set forth in this Resolution. Section 4. INTEREST. The unpaid principal balance of the Initial Bond shall bear interest from the date of the Initial Bond, and will be calculated on the basis of a 360-day year of twelve 30-day months to the respective scheduled due dates, or to the respective dates of prepayment or redemption, of the installments of principal of the Initial Bond, and said interest shall be payable, all in the manner provided and at the rates and on the dates stated in the FORM OF INITIAL BOND set forth in this Resolution. Section 5. FORM OF INITIAL BOND. The form of the Initial Bond, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be endorsed on the Initial Bond, shall be substantially as follows: FORM OF INITIAL BOND N0- R-i $1,200,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NACOGDOCHES BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY COMBINED FEE REVENUE BOND, SERIES 1990 BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY, for and on behalf of Stephen F. Austin State University (the "Issuer"), being an institution of higher education of the State of Texas, hereby promises to pay to LUN&W or to the registered assignee or assignees of this Bond or any portion or portions hereof (in each case, the "registered owner") the aggregate principal amount of 21 ONE MILLION TWO HUNDRED THOUSAND DOLLARS in annual installments of principal due and payable on August 1 in each of the years, and in the respective principal amounts, as set forth in the following schedule: and to pay interest, from the date of this Bond hereinafter stated, on the balance of each such installment of principal, respectively, from time to time remaining unpaid, at the rates as follows: maturity 1991, 9.50% maturity 1999, 7.10% maturity 1992, 9.50% maturity 2000, 7.10% maturity 1993, 9.50% maturity 2001, 7.20% maturity 1994, 9.50% maturity 2002, 7.25% maturity 1995, 9.00% maturity 2003, 7.25% maturity 1996, 9.00% maturity 2004, 7.00% maturity 1997, 7.00% maturity 2005, 7.00% maturity 1998, 7.00% with said interest being payable on August 1, 1990, and semiannually on each February 1 and August 1 thereafter while this Bond or any portion hereof is outstanding and unpaid. THE INSTALLMENTS OF PRINCIPAL OF AND THE INTEREST ON this Bond are payable in lawful money of the United States of America, without exchange or collection charges. The installments of principal and the interest on this Bond are payable to the registered owner hereof through the services of Texas Commerce Bank, N.A., Houston, Texas, which is the "Paying Agent/Registrar" for this Bond. Payment of all principal of and interest on this Bond shall be made by the Paying Agent/ Registrar to the registered owner hereof on each principal and/or interest payment date by check or draft, dated as of such date, drawn by the Paying Agent/Registrar on, and payable solely from, funds of the Issuer required by the Resolution authorizing the issuance of this Bond (the 22 "Bond Resolution") to be on deposit with the Paying Agent/ Registrar for such purpose as hereinafter provided; and such check or draft shall be sent by the Paying Agent/Registrar by United States mail, first-class postage prepaid, on each such principal and/or interest payment date, to the registered owner hereof, at the address of the regis tered owner, as it appeared on the 15th day of the month next preceding each such date (the "Record Date") on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described, or by such other method acceptable to the Paying Agent/Registrar requested by, and at the risk and expense of, the registered owner. The Issuer covenants with the registered owner of this Bond that on or before each principal and/or interest payment date for this Bond it will make available to the Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the Bond Resolution, the amounts required to provide for the payment, in immediately available funds, of all principal of and interest on this Bond, when due. IF THE DATE for the payment of the principal of or interest on this Bond shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city where the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. THIS BOND has been authorized in accordance with the Constitution and laws of the State of Texas for the purpose of providing funds to acquire, purchase, construct, improve, enlarge, and equip property, buildings, structures, or other facilities for and on behalf of the Issuer, to-wit: installation of artificial turf covering at Homer Bryce Stadium. ^ ON AUGUST 1, 1999, or any date thereafter, the unpaid installments of principal of this Bond may be prepaid or redeemed prior to their scheduled due dates, at the option of the Issuer, with funds derived from any available source, as a whole, or in part, and, if in part, the particular portion of this Bond to be prepaid or redeemed shall be se lected and designated by the Issuer (provided that a portion of this Bond may be redeemed only in an integral multiple of $5,000), at the prepayment or redemption price of the principal amount thereof, plus accrued interest to the date fixed for prepayment or redemption. AT LEAST 30 days prior to the date fixed for any such prepayment or redemp tion a written notice of such prepayment or redemption shall be mailed by the Paying Agent/Registrar to the registered owner hereof. By the date fixed for any such prepay ment or redemption, due provision shall be made by the Issuer with the Paying Agent/Registrar for the payment of the required prepayment or redemption price for this Bond or the portion hereof which is to be so prepaid or redeemed, plus accrued interest thereon to the date fixed for prepayment or redemption. If such written notice of 23 prepayment or redemption is given, and if due provision for such payment is made, all as provided above, this Bond, or the portion thereof which is to be so prepaid or redeemed, thereby automatically shall be treated as prepaid or redeemed prior to its scheduled due date, and shall not bear interest after the date fixed for its prepayment or redemption, and shall not be regarded as being outstanding except for the right of the registered owner to receive the prepayment or redemption price plus accrued interest to the date fixed for prepayment or redemption from the Paying Agent/Registrar out of the funds provided for such payment. The Paying Agent/Registrar shall record in the Registration Books all such prepayments or redemptions of principal of this Bond or any portion hereof. THIS BOND, to the extent of the unpaid or unredeemed principal balance hereof, or any unpaid and unredeemed portion hereof in any integral multiple of $5,000, may be assigned by the initial registered owner hereof and shall be transferred only in the Registration Books of the Issuer kept by the Paying Agent/Registrar acting in the capacity of registrar for the Bonds, upon the terms and conditions set forth in the Bond Resolution. Among other requirements for such transfer, this Bond must be presented and surrendered to the Paying Agent/Registrar for cancellation, together with proper instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing assignment by the initial registered owner of this Bond, or any portion or portions hereof in any integral multiple of $5,000, to the assignee or assignees in whose name or names this Bond, or any such portion or portions hereof, is or are to be transferred and registered. Any instrument or instruments of assignment satisfactory to the Paying Agent/Registrar may be used to evidence the assignment of this Bond or any such portion or portions hereof by the initial registered owner hereof. A new bond or bonds payable to such assignee or assignees (which then will be the new registered owner or owners of such new Bond or Bonds) or to ihe initial registered owner as to any portion of this Bond which is not being assigned and transferred by the initial registered owner, shall be delivered by the Paying Agent/Registrar in conversion of and exchange for this Bond or any portion or portions hereof, but solely in the form and manner as provided in the next paragraph hereof for the conversion and exchange of this Bond or any portion hereof. The registered owner of this Bond shall be deemed and treated by the Issuer and the Paying Agent/Registrar as the absolute owner hereof for all purposes, including payment and discharge of liability upon this Bond to the extent of such payment, and the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary. AS PROVIDED above and in the Bond Resolution, this Bond, to the extent of the unpaid or unredeemed principal balance hereof, may be converted into and exchanged for a like aggregate principal amount of fully registered bonds, without interest coupons, payable to the assignee or assignees duly designated in writing by the initial registered owner hereof, or to the initial registered owner as to any portion of this Bond which is not being assigned and transferred by the initial registered owner, in any denomination or denominations in any integral multiple of $5,000 (subject to the requirement hereinafter stated that each substitute bond issued in exchange for any portion of this Bond shall have 24 a single stated principal maturity date), upon surrender of this Bond to the Paying Agent/Registrar for cancellation, all in accordance with the form and procedures set forth in the Bond Resolution. If this Bond or any portion hereof is assigned and transferred or converted, each bond issued in exchange for any portion hereof shall have a single stated principal maturity date corresponding to the due date of the installment of principal of this Bond or portion hereof for which the substitute bond is being exchanged, and shall bear interest at the rate applicable to and borne by such installment of principal or portion thereof. Such bonds, respectively, shall be subject to redemption prior to maturity on the same dates and for the same prices as the corresponding installment of principal of this Bond or portion hereof for which they are being exchanged. No such bond shall be payable in installments, but shall have only one stated principal maturity date. AS PROVIDED IN THE BOND RESOLUTION, THIS BOND IN ITS PRESENT FORM MAY BE ASSIGNED AND TRANSFERRED OR CONVERTED ONCE ONLY, and to one or more assignees, but the bonds issued and delivered in exchange for this Bond or any portion hereof may be assigned and transferred, and converted, subsequently, as provided in the Bond Resolution. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for transferring, converting, and exchanging this Bond or any portion thereof, but the one requesting such transfer, conversion, and exchange shall pay any taxes or governmental charges required to be paid with respect thereto. The Paying Agent/Registrar shall not be required to make any such assignment, conversion, or exchange (i) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or portion thereof called for prepayment or redemption prior to maturity, within 45 days prior to its prepayment or redemption date. IN THE EVENT any Paying Agent/Registrar for this Bond is changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond Resolution that it promptly will appoint a competent and legally qualified substitute therefor, and promptly will cause written notice thereof to be mailed to the registered owner of this Bond. IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly authorized, issued and delivered; that all acts, conditions, and things required or proper to be performed, exist, and be done precedent to or in the authorization, issuance, and delivery of this Bond have been performed, existed, and been done in accordance with law; and that the interest on and principal of this Bond and the series of which it is a part, together with other outstanding revenue bonds, are secured by and payable from an irrevocable first lien on and pledge of the General Fees, annual interest grants received from the United States Department of Health, Education and Welfare, in connection with the Bonds, the Building Use Fee, which lien and pledge is junior and subordinate to that for the Board of Regents, State Senior Colleges Stephen F. Austin State College Student Tuition Fee Revenue Bonds of 1968, dated June 1, 1968, "Series 1968 Bonds", or any 25 bonds issued to refund such Series 1968 Bonds, which lien and pledge of said Building Use Fee is only available after the Series 1968 Bonds are no longer "outstanding" or "unpaid", and other revenues all as collectively defined as "Pledged Revenues", and specifically described in the Resolution authorizing this Series of Bonds. SAID BOARD has reserved the right, subject to the restrictions stated in the Resolution authorizing this Series of Bonds, to issue additional parity revenue bonds which also may be made payable from, and secured by a lien on and pledge of, the aforesaid pledged revenues. THE HOLDER HEREOF shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation. BY BECOMING the registered owner of this Bond, the registered owner thereby acknowledges all of the terms and provisions of the Bond Resolution, agrees to be bound by such terms and provisions, acknowledges that the Bond Resolution is duly recorded and available for inspection in the official minutes and records of the governing body of the Issuer, and agrees that the terms and provisions of this Bond and the Bond Resolution constitute a contract between the registered owner hereof and the Issuer. IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the manual signature of the Chairman of the Board of Regents of the Issuer and countersigned with the manual signature of the Secretary of the Board of Regents of the Issuer, has caused the official seal of the Issuer to be duly impressed on this Bond, and has caused this Bond to be dated April 15, 1990. Secretary, Chairman, Board of Regents Board of Regents (UNIVERSITY SEAL) 26 FORM OF REGISTRATION CERTIFICATE OF THE COMPTROLLER OF PUBLIC ACCOUNTS: COMPTROLLERS REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this Bond has been examined, certified as to validity, and approved by the Attorney General of the State of Texas, and that this Bond has been registered by the Comptroller of Public Accounts of the State of Texas. Witness my signature and seal this Comptroller of Public Accounts of the State of Texas (COMPTROLLER'S SEAL) Section 6. ADDITIONAL CHARACTERISTICS OF THE BONDS. Registration and Transfer, (a) The Issuer shall keep or cause to be kept at the principal corporate trust office of Texas Commerce Bank, N.A., Houston, Texas (the "Paying Agent/Registrar") books or records of the registration and transfer of the Bonds (the "Registration Books"), and the Issuer hereby appoints the Paying Agent/Registrar as its registrar and transfer agent to keep such books or records and make such transfers and registrations under such reasonable regulations as the Issuer and Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such transfers and registrations as herein provided. The Paying Agent/Registrar shall obtain and record in the Regis tration Books the address of the registered owner of each Bond to which payments with respect to the Bonds shall be mailed, as herein provided; but it shall be the duty of each registered owner to notify the Paying Agent/ Registrar in writing of the address to which payments shall be mailed, and such interest payments shall not be mailed unless such notice has been given. The Issuer shall have the right to inspect the Registration Books during regular business hours of the Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shall keep the Registration Books confidential and, unless otherwise required by law, shall not permit their inspection by any other entity. Registration of each Bond may be transferred in the Registration Books only upon presentation and surrender of such Bond to the Paying Agent/Registrar for transfer of registration and cancellation, together with proper written instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, (i) evidencing the assignment of the Bond, or any portion thereof in any integral multiple of $5,000, to the assignee or assign ees thereof, and (ii) the right of such assignee or assignees to have the Bond or any such portion thereof registered in the name of such assignee or assignees. Upon the assignment and transfer of any Bond or any portion thereof, a new substitute Bond or 8 27 Bonds shall be issued in conversion and exchange therefor in the manner herein provided. The Initial Bond, to the extent of the unpaid or unredeemed principal balance thereof, may be assigned and transferred by the initial registered owner thereof once only, and to one or more assignees designated in writing by the initial registered owner thereof. All Bonds issued and delivered in conversion of and exchange for the Initial Bond shall be in any denomination or denominations of any integral multiple of $5,000 (subject to the requirement hereinafter stated that each substitute Bond shall have a single stated principal maturity date), shall be in the form prescribed in the FORM OF SUBSTITUTE BOND set forth in this Resolution, and shall have the characteristics, and may be assigned, transferred, and converted as hereinafter provided. If the Initial Bond or any portion thereof is assigned and transferred or converted the Initial Bond must be surrendered to the Paying Agent/Registrar for cancellation, and each Bond issued in exchange for any portion of the Initial Bond shall have a single stated principal maturity date, and shall not be payable in installments; and each such Bond shall have a principal maturity date corres ponding to the due date of the installment of principal or portion thereof for which the substitute Bond is being exchanged; and each such Bond shall bear interest at the single rate applicable to and borne by such installment of principal or portion thereof for which it is being exchanged. If only a portion of the Initial Bond is assigned and transferred, there shall be delivered to and registered in the name of the initial registered owner substitute Bonds in exchange for the unassigned balance of the Initial Bond in the same manner as if the initial registered owner were the assignee thereof. If any Bond or portion thereof other than the Initial Bond is assigned and transferred or converted each Bond issued in exchange therefor shall have the same principal maturity date and bear interest at the same fate as the Bond for which it is exchanged. A form of assignment shall be printed or endorsed on each Bond, excepting the Initial Bond, which shall be executed by the registered owner or its duly authorized attorney or representative to evidence an assignment thereof. Upon surrender of any Bonds or any portion or por tions thereof for transfer of registration, an authorized representative of the Paying Agent/Registrar shall make such transfer in the Registration Books, and shall deliver a new fully registered substitute Bond or Bonds, having the characteristics herein described, payable to such assignee or assignees (wliich then will.be the registered owner or owners of such new Bond or Bonds), or to the previous registered owner in case only a portion of a Bond is being assigned and transferred, all in conversion of and exchange for said assigned Bond or Bonds or any portion or portions thereof, in the same form and manner, and with the same effect, as provided in Section 6(d), below, for the conversion and exchange of Bonds by any registered owner of a Bond. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for making such transfer and delivery of a substitute Bond or Bonds, bufthe one requesting such, transfer shall pay any taxes or other governmental charges required to be paid with respect thereto. The Paying Agent/Registrar shall not be required to make transfers of registration of any Bond or any portion thereof (i) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or any portion thereof called for redemp- 28 tion prior to maturity, within 45 days prior to its redemption date. (b) Ownership of Bonds. The entity in whose name any Bond shall be registered in the Registration Books at any time shall be deemed and treated as the absolute owner thereof for all purposes of this Resolution, whether or not such Bond shall be overdue, and the Issuer and the Paying Agent/ Registrar shall not be affected by any notice to the contrary; and payment of, or on account of, the principal of, premium, if any, and interest on any such Bond shall be made only to such registered owner. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. (c) Payment of Bonds and Interest. The Issuer hereby further appoints the Paying Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds, and to act as its agent to convert and exchange or replace Bonds, all as provided in this Resolution. The Paying Agent/Registrar shall keep proper records of all payments made by the Issuer and the Paying Agent/Registrar with respect to the Bonds, and of all conversions and exchanges of Bonds, and all replacements of Bonds, as provided in this Resolution. (d) Conversion and Exchange or Replacement: Authentication. Each Bond issued and delivered pursuant to this Resolution, to the extent of the unpaid or unredeemed principal balance or principal amount thereof, may, upon surrender of such Bond at the principal corporate trust office of the Paying Agent/Registrar, together with a written request therefor duly executed by the registered owner or the assignee or assignees thereof, or its or their duly authorized attorneys or representatives, with guarantee of signatures satisfactory to the Paying Agent/Registrar, may, at the option of the registered owner or such assignee or assignees, as appropriate, be converted into and exchanged for fully registered bonds, without interest coupons, in the form prescribed in the FORM OF SUBSTITUTE BOND set forth in this Resolution, in the denomination of $5,000, or any integral multiple of $5,000 (subject to the requirement hereinafter stated that each substitute Bond shall have a single stated maturity date), as requested in writing by such registered owner or such assignee or assignees, in an aggregate principal amount equal to the unpaid or unredeemed principal balance or principal amount of any Bond or Bonds so surrendered, and payable to the appropriate registered owner, assignee, or assignees, as the case may be. If the Initial Bond is assigned and transferred or converted each substitute Bond issued in exchange for any portion of the Initial Bond shall have a single stated principal maturity date, and shall not be payable in installments; and each such Bond shall have a principal maturity date corresponding to the due date of the installment of principal or portion thereof for which the substitute Bond is being exchanged; and each such Bond shall bear interest at the single rate applicable to and borne by such install ment of principal or portion thereof for which it is being exchanged. If a portion of any Bond (other than the Initial Bond) shall be redeemed prior to its scheduled maturity as provided herein, a substitute Bond or Bonds having the same maturity date, bearing 10 29 interest at the same rate, in the denomination or denominations of any integral multiple of $5,000 at the request of the registered owner, and in aggregate principal amount equal to the unredeemed portion thereof, will be issued to the registered owner upon surrender thereof for cancellation. If any Bond or portion thereof (other than the Initial Bond) is assigned and transferred or converted, each Bond issued in exchange therefor shall have the same principal maturity date and bear interest at the same rate as the Bond for which it is being exchanged. Each substitute Bond shall bear a letter and/or number to distinguish it from each other Bond. The Paying Agent/Registrar shall convert and exchange or replace Bonds as provided herein, and each fully registered bond delivered in conversion of and exchange for or replacement of any Bond or portion thereof as permitted or required by any provision of this Resolution shall constitute one of the Bonds for all purposes of this Resolution, and may again be converted and exchanged or replaced. It is specifically provided that any Bond authenticated in conversion of and exchange for or replacement of another Bond on or prior to the first scheduled Record Date for the Initial Bond shall bear interest from the date of the Initial Bond, but each substitute Bond so authenticated after such first scheduled Record Date shall bear inter est from the interest payment date next preceding the date on which such substitute Bond was so authenticated, unless such Bond is authenticated after any Record Date but on or before the next following interest payment date, in which case it shall bear interest from such next following interest payment date; provided, however, that if at the time of delivery of any substitute Bond the interest on the Bond for which it is being exchanged is due but has not been paid, then such Bond shall bear interest from the date to which such interest has been paid in full. THE INITIAL BOND issued and delivered pursuant to this Resolution is not required to be, and shall not be, authenticated by the Paying Agent/Registrar, but on each substitute Bond issued in conversion of and exchange for or replacement of any Bond or Bonds issued under this Resolution there shall be printed a certificate, in the form substantially as follows: "PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE It is hereby certified that this Bond has been issued under the provisions of the Bond Resolution described on the face of this Bond; and that this Bond has been issued in conversion of and exchange for or replacement of a bond, bonds, or a portion of a bond or bonds of an issue which originally was approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas. Paying Agent/Registrar Dated By Authorized Representative" An authorized representative of the Paying Agent/Registrar shall, before the delivery of 11 30 any such Bond, date and manually sign the above Certificate, and no such Bond shall be deemed to be issued or outstanding unless such Certificate is so executed. The Paying Agent/Registrar promptly shall cancel all Bonds surrendered for conversion and exchange or replacement. No additional ordinances, orders, or resolutions need be passed or adopted by the governing body of the Issuer or any other body or person so as to accomplish the foregoing conversion and exchange or replacement of any Bond or portion thereof, and the Paying Agent/Registrar shall provide for the printing, execution, and delivery of the substitute Bonds in the manner prescribed herein, and said Bonds shall be of type composition printed on paper with lithographed or steel engraved borders of customary weight and strength. Pursuant to Vernon's Ann. Tex. Civ. St. Art. 717k-6, and particularly Section 6 thereof, the duty of conversion and exchange or replacement of Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of the above Paying Agent/Registrar's Authentication Certificate, the converted and exchanged or replaced Bond shall be valid, incontestable, and enforceable in the same manner and with the same effect as the Initial Bond which originally was issued pursuant to this Resolution, approved by the Attorney General, and registered by the Comptrol ler of Public Accounts. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for transferring, converting, and exchanging any Bond or any portion thereof, but the one requesting any such transfer, conversion, and exchange shall pay any taxes or governmental charges required to be paid with respect thereto as a condition precedent to the exercise of such privilege of conversion and exchange. The Paying Agent/Registrar shall not be required to make any such conversion and exchange or replacement of Bonds or any portion thereof (i) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date. (e) In General. All Bonds issued in conversion and exchange or replacement of any other Bond or portion thereof, (i) shall be issued in fully registered form, without interest coupons, with the principal of and interest on such Bonds to be payable only to the registered owners thereof, (ii) may be redeemed prior to their scheduled maturities, (iii) may be transferred and assigned, (iv) may be converted and exchanged for other Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) the principal of and interest on the Bonds shall be payable, all as provided, and in the manner required or indicated, in the FORM OF SUBSTITUTE BOND set forth in this Resolution. (0 Payment of Fees and Charges. The Issuer hereby covenants with the registered owners of the Bonds that it will (i) pay the standard or customary fees and charges of the Paying Agent/Registrar for its services with respect to the payment of the principal of and interest on the Bonds, when due, and (ii) pay the fees and charges of the Paying Agent/Registrar for services with respect to the transfer of registration of Bonds, and with 12 31 respect to the conversion and exchange of Bonds solely to the extent above provided in this Resolution. (g) Substitute Paving Agent/Repistrar. The Issuer covenants with the registered owners of the Bonds that at all times while the Bonds are outstanding the Issuer will provide a competent and legally qualified bank, trust company, financial institution, or other agency to act as and perform the services of Paying Agent/Registrar for the Bonds under this Resolution, and that the Paying Agent/Registrar will be one entity. The Issuer reserves the right to, and may, at its option, change the Paying Agent/Registrar upon not less than 120 days written notice to the Paying Agent/Registrar, to be effective not later than 60 days prior to the next principal or interest payment date after such notice. In the event that the entity at any time acting as Paying Agent/Registrar (or its successor by merger, acquisition, or other method) should resign or otherwise cease to act as such, the Issuer covenants that promptly it will appoint a competent and legally qualified bank, trust company, financial institution, or other agency to act as Paying Agent/Registrar under this Resolution. Upon any change in the Paying Agent/Registrar, the previous Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a copy thereof), along with all other pertinent books and records relating to the Bonds, to the new Paying Agent/Registrar designated and appointed by the Issuer. Upon any change in the Paying Agent/Registrar, the Issuer promptly will cause a written notice thereof to be sent by the new Paying Agent/Registrar to each registered owner of the Bonds, by United States mail, first-class postage prepaid, which notice also shall give the address of the new Paying Agent/Registrar. By accepting the position and performing as such, each Paying Agent/Registrar shall be deemed to have agreed to the provisions of this Resolution, and a certified copy of this Resolution shall be delivered to each Paying Agent/Registrar. Section 7. FORM OF SUBSTITUTE BONDS. The form of all Bonds issued in conversion and exchange or replacement of any other Bond or portion thereof, including the form of Paying Agent/Registrar's Certificate to be printed on each of such Bonds, and the Form of Assignment to be printed on each of the Bonds, shall be, respectively, substantially as follows, with such appropriate variations, omissions, or insertions as are permitted or required by this Resolution. 13 3 2 FORM OF SUBSTITUTE BOND N0- PRINCIPAL AMOUNT $ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NACOGDOCHES BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY COMBINED FEE REVENUE BOND, SERIES 1990 INTEREST RATE MATURITY DATE ORIGINAL ISSUE CUSIP NO. . % ; April 15, 1990 ON THE MATURITY DATE specified above, BOARD OF REGENTS OF STEPHEN F. AUSTIN STATE UNIVERSITY (the "Issuer"), being an institute of higher education of the State of Texas, hereby promises to pay to 7 or to the registered assignee hereof (either being hereinafter called the "registered owner") the principal amount of and to pay interest thereon from April 15, 1990 to the maturity date specified above, or the date of redemption prior to maturity, at the interest rate per annum specified above with interest being payable on August 1, 1990 and semiannually on each February 1 and August 1 thereafter; except that if the date of authentication of this Bond is later than July 15, 1990, such principal amount shall bear interest from the interest payment date next preceding the date of authentication, unless such date of authentication is after any Record Date (hereinafter defined) but on or before the next following interest payment date, in which case such principal amount shall bear interest from such next following interest payment date. THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of the United States of America, without exchange or collection charges.. The principal of this Bond shall be paid to the registered owner hereof upon presentation and surrender of this Bond at maturity or upon the date fixed for its redemption prior to maturity, at the principal corporate trust office of Texas Commerce Bank, N.A., Houston, Texas, which is the "Paying Agent/Registrar" for this Bond. The payment of interest on this Bond shall be made, by the Paying Agent/Registrar to the registered owner hereof on each interest payment date by check or draft, dated as of such interest payment date, drawn by the Paying Agent/Registrar on, and payable solely from, funds of the Issuer required by the Resolution authorizing the issuance of the Bonds (the "Bond Resolution") to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such check or draft shall be sent by the Paying Agent/Registrar by United States mail, 14 33 first-class postage prepaid, on each such interest payment date, to the registered owner hereof, at the address of the registered owner, as it appeared on the 15th day of the month next preceding each such date (the "Record Date") on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described, or by such other method acceptable to the Paying Agent/Registrar requested by, and at the risk and expense of, the registered owner. Any accrued interest due upon the redemption of this Bond prior to maturity as provided herein shall be paid to the registered owner at the principal corporate trust office of the Paying Agent/Registrar upon presentation and surrender of this Bond for redemption and payment at the principal corporate trust office of the Paying Agent/Registrar. The Issuer covenants with the registered owner of this Bond that on or before each principal payment date, interest payment date, and accrued interest payment date for this Bond it will make available to the Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the Bond Resolution, the amounts required to provide for the payment, in immediately available funds, of all principal of and interest on the Bonds, when due. IF THE DATE for the payment of the principal of or interest on this Bond shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city where the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. THIS BOND is one of an issue of Bonds initially dated April 15, 1990, authorized in accordance with the Constitution and laws of the State of Texas in the original princi pal amount of $1,200,000, for the purpose of providing funds to acquire, purchase, construct, improve, enlarge, and equip property, buildings, structures, or other facilities for and on behalf of the Issuer, to-wit: installation of artificial turf covering at Homer Bryce Stadium. ON AUGUST 1, 1999, or any date thereafter, the unpaid installments of principal on this Bond may be prepaid prior to their scheduled dates, at the option of the Issuer, with funds derived from any available and lawful source, as a whole, or in part, and, if in part, the particular portion of this Bond to be prepaid or redeemed shall be selected and designated by the Issuer (provided that a portion of a Bond may be redeemed only in an integral multiple of $5,000), at the prepayment or redemption price of the principal amount thereof, plus accrued interest to the date fixed for redemption. AT LEAST 30 days prior to the date fixed for any redemption of Bonds or portions thereof prior to maturity a written notice of such redemption shall be published once in a financial publication, journal, or reporter of general circulation among securities dealers in the City of New York, New York (including, but not limited to, The Bond Buyer and The Wall Street Journal), or in the State of Texas (including, but not limited to, The 15 34 The Wall Street Journal), or in the State of Texas (including, but not limited to, The Texas Bond Reporter). Such notice also shall be sent by the Paying Agent/Registrar by United States mail, first-class postage prepaid, not less than 30 days prior to the date fixed for any such redemption, to the registered owner of each Bond to be redeemed at its address as it appeared on the 30th day prior to such redemption date; provided, however, that the failure to send, mail, or receive such notice, or any defect therein or in the sending or mailing thereof, shall not affect the validity or effectiveness of the proceedings for the redemption of any Bond, and it is hereby specifically provided that the publication of such notice as required above shall be the only notice actually required in connection with or as a prerequisite to the redemption of any Bonds or portions thereof. By the date fixed for any such redemption due provision shall be made with the Paying Agent/Registrar for the payment of the required redemption price for the Bonds or portions thereof which are to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If such written notice of redemption is published and if due provision for such payment is made, all as provided above, the Bonds or portions thereof which are to be so re deemed thereby automatically shall be treated as redeemed prior to their scheduled maturities, and they shall not bear interest after the date fixed for redemption, and they shall not be regarded as being outstanding except for the right of the registered owner to receive the redemption price plus accrued interest from the Paying Agent/Registrar out of the funds provided for such payment. If a portion of any Bond shall be redeemed a substitute Bond or Bonds having the same maturity date, bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000, at the written request of the registered owner, and in aggregate principal amount equal to the unre deemed portion thereof, will be issued to the registered owner upon the surrender thereof for cancellation, at the expense of the Issuer, all as provided in the Bond Resolution. THIS BOND OR ANY PORTION OR PORTIONS HEREOF IN ANY INTE GRAL MULTIPLE OF $5,000 may be assigned and shall be transferred only in the Registration Books of the Issuer kept by the Paying Agent/Registrar acting in the capacity of registrar for the Bonds, upon the terms and conditions set forth in the Bond Resolution. Among other requirements for such assignment and transfer, this Bond must be presented and surrendered to the Paying Agent/Registrar, together with proper instruments of assign ment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing assignment of this Bond or any portion or portions hereof in any integral multiple of $5,000 to the assignee or assignees in whose name or names this Bond or any such portion or portions hereof is or are to be transferred and registered. The form of Assignment printed or endorsed on this Bond shall be executed by the registered owner, or its duly authorized attorney or representative, to evidence the assignment hereof. A new Bond or Bonds payable to such assignee or assignees (which then will be the new registered owner or owners of such new Bond or Bonds), or to the previous registered owner in the case of the assignment and transfer of only a portion of this Bond, may be delivered by the Paying Agent/Registrar in conversion of and exchange for this Bond, all in the form and manner as provided in the next paragraph hereof for the conversion and 16 exchange of other Bonds. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for making such transfer, but the one requesting such transfer shall pay any taxes or other governmental charges required to be paid with respect thereto. The Paying Agent/Registrar shall not be required to make transfers of regis tration of this Bond or any portion hereof (i) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or any portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date. The registered owner of this Bond shall be deemed and treated by the Issuer and the Paying Agent/Registrar as the absolute owner hereof for all purposes including payment and discharge of liability upon this Bond to the extent of such payment, and the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary. ALL BONDS OF THIS SERIES are issuable solely as fully registered bonds, without interest coupons, in the denomination of any integral multiple of $5,000. As provided in the Bond Resolution, this Bond, or any unredeemed portion hereof, may, at the request of the registered owner or the assignee or assignees hereof, be converted into and exchanged for a like aggregate principal amount of fully registered bonds, without interest coupons, payable to the appropriate registered owner, assignee, or assignees, as the case may be, having the same maturity date, and bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000 as requested in writing by the appropriate registered owner, assignee, or assignees, as the case may be, upon surrender of this Bond to the Paying Agent/Registrar for cancellation, all in accordance with the form and procedures set forth in the Bond Resolution. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for transferring, converting, and exchanging any Bond or any portion thereof, but the one requesting such transfer, conversion, and exchange shall pay any taxes or governmental charges required to be paid with respect thereto as a condition precedent to the exercise of such privilege of conversion and exchange. The Paying Agent/Registrar shall not be required to make any such conversion and exchange (i) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date. IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond Resolution that it promptly will appoint a competent and legally qualified substitute therefor, and promptly will cause written notice thereof to be mailed to the registered owners of the Bonds. 35 17 36 IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly authorized, issued and delivered; that all acts, conditions, and things required or proper to be performed, exist, and be done precedent to or in the authorization, issuance, and delivery of this Bond have been performed, existed, and been done in accordance with law; and that the interest on and principal of this Bond and the series of which it is a part, together with other outstanding revenue bonds, are secured by and payable from an irrevocable first lien on and pledge of the General Fees, annual interest grants received from the United States Department of Health, Education and Welfare, in connection with the Bonds, the Building Use Fee, which lien and pledge is junior and subordinate to that for the Board of Regents, State Senior Colleges Stephen F. Austin State College Student Tuition Fee Revenue Bonds of 1968, dated June 1, 1968, "Series 1968 Bonds", or any bonds issued to refund such Series 1968 Bonds, which lien and pledge of said Building Use Fee is only available after the Series 1968 Bonds are no longer "outstanding" or "unpaid", and other revenues all as collectively defined as "Pledged Revenues", and specifically described in the Resolution authorizing this Series of Bonds. SAID ISSUER has reserved the right, subject to the restrictions stated in the Resolution authorizing this Series of Bonds, to issue additional parity revenue bonds which also may be made payable from, and secured by a first lien on and pledge of, the aforesaid pledged revenues. THE HOLDER HEREOF shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation. BY BECOMING the registered owner of this Bond, the registered owner thereby acknowledges all of the terms and provisions of the Bond Resolution, agrees to be bound by such terms and provisions, acknowledges that the Bond Resolution is duly recorded and available for inspection in the official minutes and records of the governing body of the Issuer, and agrees that the terms and provisions of this Bond and the Bond Resolution constitute a contract between each registered owner hereof and the Issuer. IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the facsimile signature of the Chairman of the Board of Regents of the Issuer and counter signed with the facsimile signature of the Secretary of the Board of Regents of the Issuer, and has caused the official seal of the Issuer to be duly impressed, or placed in facsimile, on this Bond. Secretary Chairman Board of Regents Board of Regents (UNIVERSITY SEAL) 18 37 FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE It is hereby certified that this Bond has been issued under the provisions of the Bond Resolution described on the face of this Bond; and that this Bond has been issued in conversion of and exchange for or replacement of a bond, bonds, or a portion of a bond or bonds of an issue which originally was approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas. Dated Paying Agent/Registrar By__ Authorized Representative FORM OF ASSIGNMENT ASSIGNMENT FOR VALUE RECEIVED, the undersigned registered owner of this Bond, or duly authorized representative or attorney thereof, hereby assigns this Bond to / / (Assignee's Social Security (print Or type Assignee's name or Taxpayer Identification Number and address, including zip code) and hereby irrevocably constitutes and appoints attorney to transfer the registration of this Bond on the Paying Agent/Registrar's Registration Books with full power of substitution in the premises. Dated ■ Signature Guaranteed: NOTICE: This signature must be guaranteed by a member of the New York Stock Exchange or a commercial bank or trust company. Registered Owner 19 38 NOTICE: This signature must correspond with the name of the Registered Owner appearing on the face of this Bond in every particular without alteration or enlargement or any change whatsoever. Section 8. DEFINITIONS, that throughout this Resolution, the following terms as used herein shall have the meaning set forth below, unless the text hereof specifically indicates otherwise: The term "Additional Bonds11 shall mean the additional parity revenue bonds permitted to be authorized in this Resolution. The term "Board" shall mean the Board of Regents of Stephen F. Austin State University. The term "Bonds" shall mean collectively the Board of Regents of Stephen F. Austin State University General Fee Revenue Bonds, Series 1972, authorized by Resolution of the Board on March 7, 1972, "Series 1972 Bonds", the Board of Regents of Stephen F. Austin State University General Fee Revenue Bonds, Series 1973, authorized by Resolution of the Board on March 27, 1973, "Series 1973 Bonds", the Board of Regents of Stephen F. Austin State University General Fee Revenue Bonds, Series 1977, authorized by Resolution of the Board on November 4, 1977, the Board of Regents of Stephen F. Austin State University Combined Fee Revenue Bonds, Series 1979, authorized by Resolution of the Board on April 19, 1979, the Board of Regents of Stephen F. Austin State University Combined Fee Revenue Bonds, Series 1985, authorized by Resolution of the Board on October 22, 1985, the Board of Regents of Stephen F. Austin State University Combined Fee Revenue Bonds, Series 1988, authorized by Resolution of the Board on January 19, 1988, and the Board of Regents of Stephen F. Austin State University Combined Fee Revenue Bonds, Series 1990, authorized by this Resolution. The term "Building Use Fee" shall mean the gross collections of the building use fee to be fixed, charged and collected from all tuition paying students regularly enrolled at the University, out of and as a part of the regular student tuition fees of the University, in the manner and to the extent provided in this Resolution and the Resolution which authorized the outstanding Series 1968 Bonds, and pledged to the payment of the Series 1968 Bonds and being only available for the payment of the Bonds and Additional Bonds after the Series 1968 Bonds are no longer outstanding or unpaid, as authorized by Chapter 55 of the Texas Education Code. (This definition was restated due to Chapter 55 of the Texas Education Code superseding Art. 2654c-1 and Art. 2909c-3, V.A.T.C.S.). The term "General Fee" shall mean the gross collections of the general fee fixed, charged, and collected from all students (excepting any category of students now exempt from paying fees by Chapter 54 of the Texas Education Code) regularly enrolled in the University, for the use and availability of the University, in the manner and to the extent 20 39 provided in this Resolution, and as authorized by Chapter 55 of the Texas Education Code. The term "Outstanding", when used with reference to Bonds or Additional Bonds, and as of a particular date, or time, shall mean all Bonds and Additional Bonds theretofore issued and not cancelled except Bonds or Additional Bonds for the payment or redemption of which cash or federal securities (direct obligations of the United States government) equivalent to cash, equal to the principal amount thereof or redemption price thereof, or with interest to date of maturity or redemption date, shall be held by the Paying Agent therefor, provided that if such Bonds or Additional Bonds are to be redeemed prior to date of maturity, notice of redemption shall have been given as provided in the resolution or resolutions authorizing such Bonds or Additional Bonds. The term "Pledged Revenues" shall mean collectively, the General Fee and annual interest grants received from the United States, Department of Health, Education and Welfare (now known as the Department of Education), in connection with the Bonds, together with a lien on and pledge of certain student tuition fees, designated as the "Building Use Fee", which lien and pledge is junior and subordinate to that for the outstanding Board of Regents State Senior College Student Tuition Fee Revenue Bonds of 1968, dated June 1, 1968, "Series 1968 Bonds", or any bonds issued to refund such Series 1968 Bonds, which lien and pledge of said Building Use Fee is only available after the Series 1968 Bonds are no longer "outstanding" or "unpaid", and other investment earnings resulting from the deposit or investment of any monies credited to any fund which is maintained pursuant to the Resolution that authorized the Bonds, together with any additional revenues, income, receipts, or other resources, including, without limitation, any grants, donations, or income received or to be received from the United States government, or any other public or private source, whether pursuant to an agreement or otherwise, which hereafter may be pledged to the payment of the Bonds or the Additional Bonds. The term "Series 1968 Bonds" shall mean the Board of Regents, State Senior College Stephen F. Austin State College Student Tuition Fee Revenue Bonds of 1968, authorized by resolution of the Board on May 10, 1968. The term "University" or "Issuer" shall mean the Stephen F. Austin State University, formerly known as Stephen F. Austin State College. Section 9. (a) That the Bonds authorized by this Resolution are "Additional Bonds" as permitted by Sections 22, 23 and 24 of the Resolution that authorized the issuance of the Series 1972 Bonds, and it is hereby determined, declared and resolved that all of the Bonds are and shall be secured and payable equally and ratably on a parity, and that Sections 10 through 28 of this Resolution are supplemental and cumulative of Sections 8 through 25 of the Resolution that authorized the Series 1972 Bonds, with said sections 21 40 being equally applicable to all of the bonds, except as modified hereby. (b) That the Bonds and any Additional Bonds, and the interest thereon, are and shall be secured by and payable from an irrevocable first lien on and pledge of the Pledged Revenues. Section 10. That the Bonds and any Additional Bonds and interest thereon shall constitute special obligations of the Board, payable solely from the Pledged Revenues, and such obligations shall not constitute a prohibited indebtedness of the University, the Board, or the State of Texas, and the holders of the Bonds and Additional Bonds shall never have the right to demand payment out of funds raised or to be raised by taxation. Section 11. (a) That the Board covenants and agrees to fix, levy, charge, and collect the General Fee from all students (excepting any category of students now exempt from paying fees by Chapter 54 of the Texas Education Code) regularly enrolled in the University at each regular fall and spring semester and at each term of each summer session, for the general use and availability of the University, in such amounts, without any limitation whatsoever, as will be at least sufficient at all times to provide, together with other Pledged Revenues, the money for making all deposits required to be made to the credit of the Interest and Sinking Fund and Reserve Fund in connection with the Bonds and any Additional Bonds. (b) That it is hereby resolved, declared, and confirmed that, commencing and effective with the regular 1990 fall semester of the University, the General Fee has been and is hereby fixed and levied, and was and shall be charged and collected at the rates as follows: Semester Hours General Use 22 41 (c) That it is hereby further resolved, declared, and confirmed that, commencing and effective with the regular 1990 fall semester of the University, the General Fee is hereby fixed and levied and shall be charged and collected at the rate of $5 50 per semester credit hour per regular semester and summer session for each regularly enrolled student with such fee not to exceed $82.50 per enrolled student per regular semester or summer session. a (d)u""?' thC General Fee Sha11 be increased tf and when required by this Section and may be decreased, so long as all Pledged Revenues are sufficient to provide the money for making all deposits required to be made to the credit of the Interest and Sinking Fund and Reserve Fund in connection with the Bonds and any Additional Bonds. All such changes in the General Fee shall be made by resolution of the Board, but such procedure shall not constitute or be regarded as an amendment of this Resolution, but merely the carrying out of the provisions hereof. (e) That it is specifically found and determined by the Board that the Bonds are issued pursuant to Section 55.17 of the Education Code, to be secured by a pledge of an unlimited use fee (the General Fee), and that (1) the estimated maximum amount per semester hour of the pledged General Fee (based on current enrollment and conditions) during any future semester to provide for the payment of the principal of and interest on the Bonds when due together with (2) the aggregate amount of all use fees levied on a semester hour basis for the coming fall semester of 1990 to pay the principal of and interest on all previously issued bonds, does not exceed $6.00 per semester hour; and it l yl u f \ nd determined that the ^ega* of all use fees levied on a hour basis f th i fll ™« l ned semester for the coming fall semester is not more than $6.00 per semester hour, which amount mcludes the aforesaid pledged General Fee in the amount of not T*?"^0 per semester hour as of the 1990 fall semester, which is more than on current enrollment and conditions) to provide, for the current semester JE55£*the payment of the principal of and i 1Qi« RnH I2' ? at h i$, fUrthef reSOlV6d' declared and ^"firmed that after the Series J6** h Si I , ed and unna,H * 11^ "J6*"* SUCh SerieS 1968 Bonds are no longer outstanding and unpaid, the BuiWing Use Fee has been and is here by fixed, levied and reaffirmed (a) $5.00 from each enrolled student for each regular semester; (b) $2.50 from each enrolled student for each summer term; and said Building Use Fee shall be so levied, charged, and collected in such amounts so 23 42 long as any Bonds or Additional Bonds are outstanding, such amounts being the maximum now permitted by Chapter 55 of the Texas Education Code. Section 13. That there has been created and established on the books of the University a separate account entitled the "Revenue Fund", hereinafter called "Revenue Fund". All collections of the General Fee and annual interest grants received from the United States, Department of Health, Education and Welfare, in connection with the Bonds, the Building Use Fee, after the Series 1968 Bonds or bonds issued to refund such Series 1968 Bonds are no longer outstanding and unpaid, and any other Pledged Revenues shall be credited to the Revenue Fund. Section 14. That to pay the principal of and interest on all outstanding Bonds and any Additional Bonds, as the same comes due, there has been created and established at an official depository of the University, which must be a member of the Federal Deposit Insurance Corporation, a separate Fund entitled "General Fee Revenue Bond Interest and Sinking Fund", hereinafter sometimes called "Interest and Sinking Fund". Section 15. That there has been created and established at an official depository of the University (which must be a member of the Federal Deposit Insurance Corporation) a separate fund entitled "General Fee Revenue Bond Reserve Fund", hereinafter sometimes called "Reserve Fund", which shall be used finally in retiring the last of its Outstanding Bonds and any Additional Bonds, or for payment of the principal of and interest on any Outstanding Bonds and Additional Bonds, when and to the extent the amount in the Interest and Sinking Fund is otherwise insufficient for such purpose. Section 16. Money in any Fund maintained pursuant to this Resolution may, at the option of the Board, be placed in time deposits or invested in direct obligations of, or obligations, the principal of and interest on which are guaranteed by, the United States of America, and evidences of indebtedness of the Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, Federal Home Loan Banks, or Federal National Mortgage Association; provided that all such deposits and investments shall be made in such manner that the money required to be expended from any Fund will be available at the proper, time or times. Such investments shall be valued in terms of current market value as of the last day of February and. August of each year. Interest and income derived from such deposits and investments shall be credited to the Fund from which the deposit or investment was made. Such investments shall be sold promptly when necessary to prevent any default in connection with the Bonds or .Additional Bonds. Section 17. That all money in all Funds created by this Resolution, to the extent not invested, shall be secured in the manner prescribed by law for securing funds of the University, in principal amounts at all times not less than the amounts of money credited to such Funds, respectively. 24 43 Section 18. That all accrued interest and any premium from the sale of the Bonds shall be deposited into the Interest and Sinking Fund, and that the Board shall transfer from the Pledged Revenues in the Revenue Fund and deposit to the credit of the Interest and Sinking Fund the amounts, at the times, as follows: (1) On or before July 25, 1990, and semi-annually on or before each January 25 and July 25 thereafter, an amount which will be sufficient, together with other monies, if any, then on hand therein and available for such purpose, to pay the interest scheduled to accrue and come due on the Bonds on the next succeeding interest payment date; and (2) On or before July 25, 1990, an amount sufficient to pay principal scheduled to mature on August 1, 1990 and thereafter semi-annually on or before each January 25 and July 25, an amount equal to one-half of the principal scheduled to mature and come due on the Bonds on the next succeeding principal maturity date. Section 19. That on or before July 25, 1990, and semi-annually on or before each January 25 and July 25 thereafter, the Board shall transfer from the Revenue Fund and deposit to the credit of the Reserve Fund, an amount equal to l/8th of the average annual principal and interest requirements of the Bonds; provided, however, that when the money and investments in the Reserve Fund are at least equal in market value to the amount of the average annual principal and interest requirements of the Bonds, then such deposits may be discontinued, unless and until the Reserve Fund should be depleted to less than said amount in market value, in which case said deposits shall be resumed and continued until the Reserve Fund is restored to said amount; and so long as the Reserve Fund contains said amount, any surplus in the Reserve Fund over said amount may be used to retire any Bonds or Additional Bonds by purchase on the open market, at such price as shall be determined by the Board, or by call for redemption prior to maturity (provided that if any Bond or Additional Bond is subject to call for redemption prior to maturity on the next succeeding interest payment date, its purchase price shall not exceed. the redemption price that would be applicable on such date), or such surplus may be used for any other lawful purpose, at the option of the Board. Section 20. (a) That if on any occasion there shall not be sufficient Pledged Revenues to make the required deposits into the Interest and Sinking Fund and the Reserve Fund, then such deficiency shall be made up as soon as possible from the next available Pledged Revenues, or from any other sources available for such purpose. (b) That immediately following each required semi-annual deposit from the Revenue Fund to the credit of the Interest and Sinking Fund and the Reserve Fund, as required by this Resolution, or any resolution authorizing the issuance of Additional Bonds, all remaining surplus Pledged Revenues then on deposit to the credit of the Revenue 25 Fund may be used by the Board for any lawful purpose. It is specifically covenanted and agreed, however, that none of the Pledged Revenues in the Revenue Fund will be released from the control of the Board, or otherwise expended or disposed of, until after each such required semi-annual deposit from the Revenue Fund has been made to the credit of the Interest and Sinking Fund and the Reserve Fund. Section 21. On or before the last day of July, 1990, and semi-annually on or before the last day of each July and of each January thereafter while any of the Bonds or Additional Bonds are outstanding and unpaid, the Board shall make available to the Paying Agent/Registrar therefor, out of the Interest and Sinking Fund, and/or the Reserve Fund, if necessary, money sufficient to pay such interest on and such principal of the Bonds and Additional Bonds as will accrue or mature on the February 1st or August 1st immediately following. The paying agent/registrar shall totally destroy all paid Bonds and Additional Bonds, and shall furnish the Board with an appropriate certificate of destruction. Section 22. That at such times as the aggregate amount of money and investments in the Interest and Sinking Fund and the Reserve Fund are at least equal in market value to (1) the aggregate principal amount of all unpaid (unmatured and matured) outstanding Bonds and Additional Bonds, plus (2) the aggregate amount of all unpaid (unmatured and matured) interest payments for such Bonds and Additional Bonds, no further deposits need be made into the Interest and Sinking Fund or Reserve Fund. In determining the amount of such Bonds and Additional Bonds, and interest due thereon at any time, there shall be subtracted and excluded the amount of any such Bonds and Additional Bonds which shall have been duly called for redemption and for which funds shall have been deposited with the paying agent/registrar therefor sufficient, including any required redemption premium, for such redemption. Section 23. That the Board shall have the right and power at any time and from time to time, and in one or more Series or issues, to authorize, issue, and deliver additional parity revenue bonds (herein called "Additional Bonds"), in any amounts, for any lawful purpose, and to refund any Bonds, Additional Bonds, or any existing indebtedness of the University. Such Additional Bonds, if and when authorized, issued! and delivered in accordance with this Resolution, shall be secured and payable equally and ratably on a parity with the Bonds, and all other outstanding Additional Bonds, by an irrevocable first lien on and pledge of the Pledged Revenues. S«ction 24- 00 The Interest and Sinking Fund and the Reserve Fund established by this Resolution shall secure and be used to pay all Additional Bonds as well as the Bonds. However, each resolution under which Additional Bonds are issued shall provide and require that, in addition to the amounts required by the provisions of this Resolution and the provisions of any other resolution or resolutions authorizing Additional Bonds to be deposited to the credit of the Interest and Sinking Fund, the Board shall transfer from 26 45 the Pledged Revenues and deposit to the credit of the Interest and Sinking Fund at least such amounts as are required for the payment of all principal of and interest on said Additional Bonds then being issued, as the same comes due, and that the Board shall transfer from said Pledged Revenues and deposit to the credit of the Reserve Fund at least such amounts, in approximately equal semi-annual installments, as will, together with any other amounts already required to be deposited in the Reserve Fund in connection with the Bonds and any other outstanding Additional Bonds, be sufficient to cause the Reserve Fund to accumulate and contain within a period of not to exceed sixty months after the date of said Additional Bonds then being issued, a total amount of money and investments at least equal in market value to the average annual principal and interest requirements of all Bonds and Additional Bonds to be outstanding after the issuance of the then proposed Additional Bonds. (b) The principal of all Additional Bonds must be scheduled to be paid or mature on August 1 of the years in which such principal is scheduled to be paid or mature; and all interest thereon must be payable on February 1 and August 1. Section 25. Additional Bonds shall be issued only in accordance with this Resolution, but notwithstanding any provisions of this Resolution to the contrary, no installment, Series, or issue of Additional Bonds shall be issued or delivered unless; (a) The senior financial officer of the University signs a written certificate to the effect that the Board is not in default as to any covenant, condition, or obligation in connection with all outstanding Bonds and Additional Bonds, and the resolutions authorizing same, and that the Interest and Sinking Fund and the Reserve Fund each contains the amount then required to be therein. (b) The State Auditor of the State of Texas, or a certified public accountant, signs a written certificate to the effect that, during either the next preceding fiscal year, or any twelve consecutive calendar month period ending not more than ninety days prior to the adoption of the resolution authorizing the issuance of the then proposed Additional Bonds, the Pledged Revenues were at least equal to 1.25 times the average annual principal and interest requirements of all Outstanding Bonds and Additional Bonds. (c) The senior financial officer of the University signs a written certificate to the effect that during each University fiscal year, while any Bonds or Additional Bonds are scheduled to be outstanding, beginning with the fiscal year next following the date of the proposed Additional Bonds, the Pledged Revenues estimated to be received during each of said fiscal years, respectively, will be at least 1.25 times the principal and interest requirements on all then Outstanding Bonds and Additional Bonds, and the then proposed Additional Bonds, during each of said fiscal years, respectively. Section 26. The Board further covenants and agrees that: 27 46 (a) It will fix, impose, charge, and collect all Pledged Revenues; and will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions contained in this Resolution and each resolution authorizing the issuance of Additional Bonds, and in each and every Bond and Additional Bond; that it will promptly pay or cause to be paid from the Pledged Revenues the principal of and interest on every Bond and Additional Bond, on the dates and in the places and manner prescribed in such resolutions and Bonds or Additional Bonds; and that it will, at the times and in the manner prescribed, deposit or cause to be deposited from the Pledged Revenues the amounts required to be deposited into the Interest and Sinking Fund and the Reserve Fund; and any holder of the Bonds or Additional Bonds may require the Board, its officials or employees, and any appropriate official of the State of Texas, to carry out, respect, or enforce the covenants and obligations of this Resolution or any resolution authorizing the issuance of Additional Bonds, by all legal and equitable means, including specifically, but without limitation, the use and filing of mandamus proceedings, in any court of competent jurisdiction, against the Board, its officials and employees, or any appropriate official of the State of Texas. (b) It is duly authorized under the laws of the State of Texas to create and issue the Bonds; that all action on its part for the creation and issuance of the Bonds has been duly and effectively taken, and that the Bonds in the hands of the holders and owners thereof are and will be valid and enforceable special obligations of the Board in accordance with their terms. (c) It lawfully owns and is lawfully possessed of the lands, buildings, and facilities constituting the University and its campus and has a good and indefeasible estate in such lands, buildings, and facilities in fee simple, that it warrants that it has, and will defend, the title to all the aforesaid lands, buildings, and facilities, and every part thereof, for the benefit of the holders and owners of the Bonds and Additional Bonds against the claims and demands of all persons whomsoever, that it is lawfully qualified to pledge the Pledged Revenues to the payment of the Bonds and Additional Bonds in the manner prescribed herein, and has lawfully exercised such rights. (d) It will from time to time and before the same become delinquent pay and discharge all taxes, assessments, and governmental charges, if any, which shall be lawfully imposed upon it, or the campuses, buildings, and facilities of the University, that it will pay all lawful claims for rents, royalties, labor, materials, and supplies which if unpaid might by law become a lien or charge thereon, the lien of which would be prior to or interfere with the liens hereof, so that the priority of the liens granted hereunder shall be fully pre served in the manner provided herein, and that it will not create or suffer to be created any mechanic's, laborer's, materialman's or other lien or charge which might or could be prior to the liens hereof, or do or suffer any matter or thing whereby the liens hereof might or could be impaired; provided, however, that no such tax, assessment, or charge, 28 47 and that no such claims which might be used as the basis of a mechanic's, laborer's, materialman's or other lien or charge shall be required to be paid so long as the validity of the same shall be contested in good faith by the Board. (e) That it will continuously and efficiently operate and maintain in good condition, and at a reasonable cost, the University and the facilities and services thereof, so long as any Bonds or Additional Bonds are outstanding. (f) That while the Bonds or any Additional Bonds are outstanding and unpaid, the Board shall not additionally encumber the Pledged Revenues in any manner, except as permitted in this Resolution in connection with Additional Bonds, unless said encumbrance is made junior and subordinate in all respects to the liens, pledges, covenants, and agreements of this Resolution. (g) Proper books of record and account will be kept in which full, true, and correct entries will be made of all dealings, activities, and transactions relating to the Pledged Revenues, and all books, documents, and vouchers relating thereto shall at all reasonable times be made available for inspection upon request of any bond holder. (h) That each year while any of the Bonds or Additional Bonds are outstanding, an audit will be made of its books and accounts relating to the Pledged Revenues by the State Auditor of the State of Texas, or any certified public accountant, such audit to be based on the fiscal year of the University. As soon as practicable after the close of each such fiscal year, and when said audit has been completed and made available to the Board, a copy of such audit for the preceding fiscal year shall be mailed to all bondholders who shall so request in writing. Such annual audit reports shall be open to the inspection of the bondholders and their agents and representatives at all reasonable times. (i) That the Board covenants that it will not permit to be deposited to the credit of any of the Funds created by this Resolution, or applied to the payment of the principal of or interest on the Bonds or any Additional Bonds, any proceeds from any grant, subsidy, donation, or income received from the United States Government, whether pursuant to agreement or otherwise, if such deposit or application would result in interest payable on the Bonds or Additional Bonds being includable in whole or in part in gross income for Federal income tax purposes. (j) That the Board covenants that it will comply with all of the terms and conditions of any and all grant or subsidy agreements applicable to the Bonds or Additional Bonds entered into between the Board and any governmental agency in connec tion with any grant or debt service subsidy; and the Board will take all action necessary to enforce said terms and conditions. 29 48 (k) That the Board covenants that it will comply with Section 148 of the Internal Revenue Code of 1986. Section 27. DEFEASANCE OF BONDS, (a) Any Bond and the interest thereon shall be deemed to be paid, retired, and no longer outstanding (a "Defeased Bond") within the meaning of this Resolution, except to the extent provided in subsection (d) of this Section 27, when payment of the principal of such Bond, plus interest thereon to the due date (whether such due date be by reason of maturity, upon redemption, or otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof (including the giving of any required notice of redemption), or (ii) shall have been provided for on or before such due date by irrevocably depositing with or making available to the Paying Agent/Registrar for such payment (1) lawful money of the United States of America sufficient to make such payment or (2) Government Obligations which mature as to principal and interest in such amounts and at such times as will insure the availability, without reinvestment, of sufficient money to provide for such payment, and when proper arrangements have been made by the Issuer with the Paying Agent/Registrar for the payment of its services until all Defeased Bonds shall have become due and payable. At such time as a Bond shall be deemed to be a Defeased Bond hereunder, as aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or entitled to the benefits of, the Pledged Revenues herein levied and pledged as provided in this Resolution, and such principal and interest shall be payable solely from such money or Government Obligations. (b) Any moneys so deposited with the Paying Agent/Registrar may at the written direction of the Issuer also be invested in Government Obligations, maturing in the amounts and times as hereinbefore set forth, and all income' from such Government Obligations received by the Paying Agent/Registrar which is not required for the payment of the Bonds and interest thereon, with respect to which such money has been so depos ited, shall be turned over to the Issuer, or deposited as directed in writing by the Issuer. (c) The term "Government Obligations" as used in this Section, shall mean direct obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which may be United States Treasury obligations such as its State and Local Government Series, which may be in book-entry form. (d) Until all Defeased Bonds shall have become due and payable, the Paying Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased Bonds the same as if they had not been defeased, and the Issuer shall make proper arrangements to provide and pay for such services as required by this Resolution. Section 28. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS, (a) Replacement Bonds. In the event any outstanding Bond is damaged, 30 49 mutilated, lost, stolen, or destroyed, the Paying Agent/Registrar shall cause to be print ed, executed, and delivered, a new bond of the same principal amount, maturity, and interest rate, as the damaged, mutilated, lost, stolen, or destroyed Bond, in replacement for such Bond in the manner hereinafter provided. (b) Application for Replacement Bonds. Application for replacement of damaged, mutilated, lost, stolen, or destroyed Bonds shall be made by the registered owner thereof to the Paying Agent/Registrar. In every case of loss, theft, or destruction of a Bond, the registered owner applying for a replacement bond shall furnish to the Issuer and to the Paying Agent/Registrar such security or indemnity as may be required by them to save each of them harmless from any loss or damage with respect thereto. Also, in every case of loss, theft, or destruction of a Bond, the registered owner shall furnish to the Issuer and to the Paying Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction of such Bond, as the case may be. In every case of damage or mutilation of a Bond, the registered owner shall surrender to the Paying Agent/Registrar for cancellation the Bond so damaged or mutilated. (c) No Default Occurred, Notwithstanding the foregoing provisions of this Section, in the event any such Bond shall have matured, and no default has occurred which is then continuing in the payment of the principal of, redemption premium, if any, or interest on the Bond, the Issuer may authorize the payment of the same (without surrender thereof except in the case of a damaged or mutilated Bond) instead of issuing a replacement Bond, provided security or indemnity is furnished as above provided in this Section. (d) Charge for Issuing Replacement Bonds. Prior to the issuance of any replacement bond, the Paying Agent/Registrar shall charge the registered owner of such Bond with all legal, printing, and other expenses in connection therewith. Every replacement bond issued pursuant to the provisions of this Section by virtue of the fact that any Bond is lost, stolen, or destroyed shall constitute a contractual obligation of the Issuer whether or not the lost, stolen, or destroyed Bond shall be found at any time or be enforceable by anyone, and shall be entitled to all the benefits of this Resolution equally and proportionately with any and all other Bonds duly issued under this Resolution. (e) Authority for Issuing Replacement Bonds. In accordance with Section 6 of Vernon's Ann. Tex. Civ. St. Art. 717k-6, this Section 28 of this Resolution shall constitute authority for the issuance of any such replacement bond without necessity of further action by the governing body of the Issuer or any other body or person, and the duty of the replacement of such bonds is hereby authorized and imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall authenticate and deliver such Bonds in the form and manner and with the effect, as provided in Section 6(d) of this Resolution for Bonds issued in conversion and exchange for other Bonds. 31 Section 29. CUSTODY, APPROVAL, AND REGISTRATION OF BONDS-BOND COUNSEL'S OPINION, CUSIP NUMBERS AND CONTINGENT INSURANCE PROVISION, IF OBTAINED. The Chairman of the Board of Regents of the Issuer is hereby authorized to have control of the Initial Bond issued hereunder and all necessary records and proceedings pertaining to the Initial Bond pending its delivery and its investigation, examination, and approval by the Attorney General of the State of Texas and its registration by the Comptroller of Public Accounts of the State of Texas Upon registration of the Initial Bond said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate on the Init